News by theedgemarkets.com

“Deloitte Malaysia is not the subject of the investigation and is cooperating fully with the authorities in their investigation.”

On prospects, the group said it acknowledges the challenging outlook, but believes products with unique value propositions, strategic locations and attractive prices will continue to generate demand and create sales.

The property division saw its revenue increasing 34% to RM122.1 million from RM91.3 million previously.

On its prospects, the REIT said economic conditions will influence the occupancy and rental rates of its properties.

The High Court also granted a stay of all proceedings until the disposal of a full hearing of the judicial review.

Lawyer Mohd Haniff Khatri Abdulla is seeking clarification on whether the ministry allows an appeal against the cancellation of the project, or if the company will be required to appear before the ministry.

Given that the High Court does not have any more free dates this year, Justice Sequerah set a total of 24 days for the trial in June and July 2020.

The bench, led by Federal Court judge Justice Tan Sri Azahar Mohamed, ruled that High Court judge Justice Collin Lawrence Sequerah had used his discretion judiciously and that the appellate court would not interfere unless the judge applied or used a wrong law principle.

The group's property development division managing director, Sarena Cheah, said the group plans to launch RM2 billion worth of projects for FY19. "We are confident that the launches would continue to do well as more than 70% of the new launches are either in integrated developments or townships," she added.

IOI attributed its lower quarterly earnings to lower operating profit and total net forex losses on foreign currency borrowings and deposits, amounting to RM26.7 million.