- Improved earnings from the property investment as well as leisure and hospitality segments, coupled with the group booking a 19.9% decline in other expenses to RM16.47 million versus RM20.55 million previously, resulted in the group posting the improved net profit.
KUALA LUMPUR (May 31): I-Bhd's (KL:IBHD) first quarter net profit rose sixfold to RM4.07 million from RM675,000 a year earlier, which the group attributed to its "strong financial management and strategic foresight".
This is despite revenue for the quarter ended March 31, 2024 (1QFY2024) slipping 8.6% to RM40.63 million from RM44.46 million previously, said the developer of i-City in Shah Alam in a statement on Friday.
The lower revenue, it said, was due to the property development segment’s revenue falling 53% to RM7.99 million, from RM17.09 million a year earlier, amid clearance of existing inventory.
Nonetheless, improved earnings from the property investment as well as leisure and hospitality segments, coupled with the group booking a 19.9% decline in other expenses to RM16.47 million versus RM20.55 million previously, resulted in the group posting the improved net profit.
As at end-March 2024, the property development segment’s unbilled sales stood at RM97.2 million versus RM94.5 million a year ago.
The developer did not declare any dividend for 1QFY2024.
Looking ahead, I-Bhd said its primary focus will be on expanding its property development pipeline this year for i-City.
“In tandem with our commitment to enhancing the appeal of i-City properties, we are unwavering in our efforts to strengthen our investment properties portfolio,” it added.
Shares in I-Bhd ended half a sen or 2.04% higher at 25 sen on Friday, bringing the company a market capitalisation of RM455.04 million.
Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!
TOP PICKS BY EDGEPROP
Kawasan Perindustrian Olak Lempit
Banting, Selangor
Kawasan Perindustrian Olak Lempit
Banting, Selangor
Country Heights Kajang
Country Heights, Selangor
SHANG GARDEN @ TAMAN BUKIT SARIMBAN
Seremban, Negeri Sembilan
Kawasan Perindustrian Mount Austin
Johor Bahru, Johor
Seksyen 17, Petaling Jaya
Petaling Jaya, Selangor
Kempas Utama Industrial Park
Johor Bahru, Johor