IOI Properties record better net profit in 1Q19

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Source: Malay Mail

KUALA LUMPUR, Nov 25 — IOI Properties Group Bhd’s net profit improved slightly to RM136.64 million in the first quarter ended Sept 30, 2019 (1Q19), from RM111.96 million in the same period last year.

Revenue, however, slipped to RM540.32 million against RM552.81 million previously, mainly due to lower contribution from the property development segment.

In a filing to Bursa Malaysia today, the property developer said the revenue for its property development segment eased four per cent to RM398.9 during 1Q19 due to lower sales from Singapore and Johor operations arising from lesser units remaining for sale.

Property investment revenue grew six per cent to RM90.3 million while hospitality and leisure rose two per cent to RM50.1 million thanks to higher occupancy rate secured by the hotels in Putrajaya.

Going forward, the Group said it would continue to focus on the affordable housing segment for Malaysian operations and remained optimistic on the prospects of its projects in China due to their locations which are close to amenities and infrastructure. — Bernama