IOI PROPERTIES' 3Q NET PROFIT INCREASES TO RM115.38 MLN

KUALA LUMPUR, May 26 (Bernama) -- IOI Properties Group Bhd’s net profit almost doubled in the third quarter ended March 31, 2023, (3Q FY2023) to RM115.38 million compared with RM59.72 million in the previous corresponding quarter.

Revenue, however, fell 23 per cent to RM564.67 million from RM737.79 million previously amid lower performance from the property development segment.

"The property investment segment recorded revenue and operating profit of RM135.1 million and RM51.7 million, respectively."

"The hospitality and leisure segment revenue surged by 71 per cent from RM30.0 million to RM51.3 million in 3Q FY2023, and operating loss decreased by 70 per cent from RM7.4 million in 3Q FY2022 to RM2.2 million," the group said in a filing with Bursa Malaysia today.

IOI Property said the property development segment’s 3Q FY2023 revenue and operating profit fell 38 per cent and 70 per cent to RM375.4 million and RM78.6 million, respectively, in the current year’s quarter.

On prospects, the group said it would continue to enhance its developments and focus on offering mid-priced range residential units, targeting owner-occupiers who are less sensitive to the overnight policy rate (OPR) hike.