IOI Properties Q3 pre-tax profit rises to RM163m

KUALA LUMPUR, May 14 — IOI Properties Group Bhd’s pre-tax profit for the third quarter ended March 31, 2015 rose to RM163 million from RM115 million in the same quarter last year.

Its revenue increased to RM468.4 million from RM365.8 million previously.

In a filing to Bursa Malaysia today, the group said the 28 per cent or RM102.6 million increase in revenue was due to higher progress of works and sales from the group’s ongoing and completed development projects including the recently launched Bandar Puteri Bangi township.

IOI Properties said it will continue to focus on affordable housing and landed properties in its existing and new townships.

“Internationally, we are targeting to launch our residential properties in IOI Palm City, our second mixed development project in Xiamen, China during the last quarter of this financial year,” it said, adding it also expects to generate higher income stream from its property investment segment. — Bernama