IGB’s 2Q net profit more than doubles on higher revenue, increased forex gains
Revenue from the property development division saw a more than three-fold increase to RM39.
Revenue from the property development division saw a more than three-fold increase to RM39.
The Tank Stream Hotel is a 15-storey hotel building with 280 rooms.
In a note on Thursday (July 27), the research house said IGB REIT recorded core net profit of RM177.
The occupancy rate of the REIT's portfolio of 10 assets — which includes The Gardens' North and South Towers, Menara IGB, G Tower and Menara Tan & Tan — rose to 78.
The 53-year-old Lee has over three decades of professional experience across several industries, namely property development, construction, manufacturing, food and beverage, hospitality, retail, gaming and leisure, and healthcare and agriculture.
Revenue from the hotel segment more than doubled to RM58.
In a statement to the bourse, IGB Bhd said the management of Mid Valley City confirmed that an incident occurred at its premises earlier in the morning.
According to a filing with Bursa Malaysia, IGB bought back 737,300 shares in March when its share price started its climb to the peak.
IGB noted that the outlook of the office market in the near term remains volatile as there is an imbalance in the office supply-demand dynamics coupled with the fierce competition.