IOI Corp's 3Q pre-tax profit rises to RM677.1 million

KUALA LUMPUR: IOI Corp Bhd's pre-tax profit increased to RM677.1 million for the third quarter ended March 31, 2013, from RM659.4 million registered in the same period last year.Revenue, however, was lower at RM3.2 billion, during the period under review, from RM3.6 billion, previously.

In a statement today, the group attributed the better pre-tax profit to its manufacturing and property segments.

"Contribution from the property segment for the quarter under review was 62% higher at RM254.4 million compared with the second quarter while our resource-based manufacturing segment reported a profit of RM226.1 million, up 29% from the previous quarter," it said.

On prospects, the group said while the plantation business would continue to face challenges on manpower shortage and higher labour cost, its property development business would remain positive given the booming local industry.

"Overall, we expect to perform satisfactorily during the remaining quarterof this financial year," it added. - Bernama