KUALA LUMPUR: I-Berhad, developer of I-City in Shah Alam has seen its annual profits after tax for the financial year ending Dec 31, 2009 drop 94.4% to RM861,000 from RM15.32 million in the previous financial year.

Annual revenue dropped to RM5.76 million from RM95.77 million while basic earnings per share dropped to 81 sen from 14.4 sen in the previous financial year.

The company, which was originally a technology company, said in a statement to Bursa Malaysia on Feb 11 that 4Q profits nearly halved to 6.07 million from 11.31 million while basic earnings per share also halved to 5.7 sen from 10.63 in the same period last year.

I-Berhad said the drop in profits was mainly due to the lower sales of completed units achieved in I-City during the 2009 financial year. The group said it expects the outlook for the financial year 2010 to be ‘challenging’ due to the weak property market and any “significant turnaround would be dependent on the sales of the completed units.”

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