IOI Properties Q3 net profit rises to RM194.7 million

Source: Edge Property

KUALA LUMPUR (May 28): IOI Properties Group Bhd’s net profit rose to RM194.70 million in the third quarter ended March 31, 2019 (Q3) from RM156.16 million in the same period in 2018.

Revenue eased to RM487.74 million from RM510.52 million previously.

In a filing with Bursa Malaysia yesterday, the property developer said the increase in profit was due to higher operating profit contributed by property development in China and higher share of profit in joint-ventures mainly 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 continues to be subdued in the near term, IOI Properties remained cautiously optimistic that the recent Home Ownership Campaign supported by the government, coupled with aggressive marketing campaigns leveraging on both traditional and digital platforms, would draw better sales performance in the coming quarter.

“The group is expected to continue to deliver satisfactory performance in the coming quarters,” it added.