IOI Properties Q3 earnings higher at RM107m

Source: The Star

KUALA LUMPUR: IOI Properties Bhd’s earnings rose 20.9% to RM107.76mil in the third quarter ended March 31, 2015 from RM89.11mil a year ago due to contribution from all the operating segments.


It said on Thursday its revenue increased by 28% to RM468.38mil from RM365.79mil. Earnings per share were 3.04 sen compared with 2.75 sen.


IOI Properties said the property development segment recorded revenue of RM370.20mil and operating profit of RM106.70mil – up 22% and 33% - respectively.


The higher revenue was mainly due to higher progress work and sales from the group's ongoing and completed development projects and the recent launched of its new township at Bandar Puteri Bangi which received overwhelming response.


The increase in operating profit was mainly contributed from higher sales of properties in Klang Valley especially in commercial properties sub-segment.


As for property investment, IOI Properties said that revenue and operating profit of RM57.3mil and RM20.9mil respectively were RM28.2mil and RM3.3mil respectively higher than  a year ago. The increase was mainly due to higher contribution from the retail segment. 


“The retail segment, being the largest contributors in term of revenue and operating profit, will continue to thrive growth for property investment segment,” said the company.


For the nine months ended March 31, 2015, IOI Properties said its earnings dipped 2.2% to RM489.11mil from RM500.34mil in the previous corresponding period.


However, its revenue was up 24.5% to RM1.292bil from RM1.037bil.