I-Bhd 2Q net profit up 33% to RM19.63 mil

KUALA LUMPUR (July 17): I-Bhd's net profit for the second quarter ended June 30, 2017 rose 33% to RM19.63 million from RM14.68 million a year earlier, driven mainly by the property development segment.

Revenue for the quarter rose 47% year-on-year to RM127.82 million from RM86.68 million, according to its Bursa Malaysia filing.

Earnings per share was 1.85 sen compared to 1.38 sen a year earlier.

In a separate statement, I-Bhd said that as at to-date, the group had unveiled the Hill10 Residence @ i-City with 204 exclusive luxury residences located above the DoubleTree by Hilton @ i-City Shah Alam.

An Internet of Things (IoT) ready intelligent home, Hill10 is set to be one of the most luxurious properties of its kind in Selangor, fitted and furnished with Hilton inspired standards with a cantilevered rooftop infinity pool, said I-Bhd.

I-Bhd said it has unbilled sales of RM335 million at the end of June 2017 as compared to RM448 million at the end of March 2017.

However, it said this has yet to fully reflect the new sales of Hill10, which is expected to be reflected in 2H17.

As at the date of this announcement, Hill10 has registered strong interest with a take-up rate of 70%.

The group said it is confident of continuously innovating to launch product that is relevant with today's technology driven lifestyles.

I-Bhd said it continues to invest in i-City and reviews technology with its technology partner Huawei for further enhancements to i-City.

The group said it is also cognisant of the need of communities around i-City and plans are in place to develop senior care, wellness and a unique education centre as announced during the recent AGM.

"Already, the group is realising its announcements made earlier with the DoubleTree by Hilton @ i-City, Convention Centre, and a super regional mall jointly developed together with Central Group of Thailand already under construction.

"The group expects the mall to be completed by 2018 and expects to provide a refreshing retail experience to the western part of Selangor," it said. — theedgemarkets.com

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