IOI Properties Q2 net profit more than double to RM214.86 mln

Source: Bernama

KUALA LUMPUR, Feb 26 (Bernama) -- IOI Properties Group Bhd’s net profit rose 120.48 per cent to RM214.86 million in the second quarter ended Dec 31, 2018 from RM97.45 million in the same period in 2017.

Revenue eased to RM666.15 million from RM695.41 million previously.

In a filing with Bursa Malaysia, the property developer said the increase in profit was mainly due to higher operating profit contributed by property development in China and higher share of profit in joint ventures arising from the sale of South Beach Residences in Singapore.

The decrease in revenue, however, was due to lower contribution from the property development segment.

Although the property market in Malaysia continued to be subdued in the short-term, IOI Properties remained cautiously optimistic that demand for properties in strategic locations integrated with good transportation infrastructure and close proximity to amenities would continue to draw prospective buyers.

“The group actively adapt its marketing strategies in tandem with domestic developments to address the prevalent affordability gap and to unlock development value in the longer term,” it added.