Against a backdrop of soft property market conditions, its property division made a RM70 million provision for inventories in 4QFY17.

In Malaysia, Fajarbaru said it successfully launched its maiden property development project and has started recognising revenue of RM9.7 million.

The improved earnings underlining the group’s solid business performance resulted from positive response from the market for its products.

IWCity registered a net profit of RM147,000 for 2QFY17, compared with a net loss of RM3.82 million in the corresponding quarter last year.

The property division saw a 53% growth in operating profit to RM130 million, contributed by the sale of non-strategic properties.

Revenue surged 24 times to RM67.24 million from RM2.78 million, thanks mainly to the en-bloc sale of 262 retail lots in Terra Square, a commercial mall fronting its Impression Melaka theatre.

SunCon said the construction segment’s revenue went up 7.4% to RM387.2 million from RM360.5 million due to higher progress work from external building projects.

The final phase of the development comprising 45 Small-office Home-office (SoHo) units will be open for sale this coming weekend.

An Umno politician and member of parliament for Kota Tinggi, Johor, the 53-year-old Noor Ehsanuddin is formerly a board director at Felda Investment Corp Sdn Bhd (FIC). He was appointed to FGV’s board in July 2013.

KIP Group will soft-launch KiP Mall Kota Warisan on Aug 26.