IGB's 3Q net profit falls 17.2% to RM41.9m

KUALA LUMPUR: IGB Corp Bhd's net profit for 3QFY10 ended Sept 30, fell 17.2% y-o-y to RM41.9 million from RM50.6 million, mainly due to higher cost of sales and administration expenses.

Revenue rose 15.4% to RM178.6 million compared with RM154.7 million a year earlier, mainly due to higher contributions from the property and hotel divisions.

EPS stood at 2.88 sen from 3.45 sen. The property developer did not declare any dividends for the quarter under review.

Quarter-on-quarter, revenue rose 5% to RM178.6 million when compared to the preceding quarter's RM169.7 million as a result of higher contributions from most operating divisions.

Accordingly, group pre-tax profit increased by 8% to RM68.4 million when compared to the RM63.3 million reported in the immediate preceding quarter.

For the nine months, IGB's net profit fell 5.2% y-o-y to RM121.2 million from RM127.8 million. Revenue, however, rose 5.9% to RM504.4 million compared with RM476.1 million a year earlier.

Commenting on the group's prospects, IGB said barring unforeseen circumstances, the board is optimistic that the group's operational results for FY10 would be better than the previous financial year.