KUALA LUMPUR, May 30 — I-Berhad’s net profit for the first quarter (Q1) ended March 31, 2018 rose to RM24.48 million from RM20.99 million in the previous corresponding period.
Revenue increased 47 per cent to RM159.3 million from RM108.45 million previously.
In a filing to Bursa Malaysia today, the company said the better results for the current quarter was contributed by the property development segment due to improved sales especially from 8Kia Peng project, as well as, from the impact of the adoption of the new accounting policy pursuant to the Malaysian Financial Reporting Standards requirements.
The property segment contributed 93 per cent to the group’s revenue, it said
Executive Chairman Tan Sri Lim Kim Hong said the Group had continued to grow profitably over the years and remained confident with its growth prospects despite the lacklustre operating environment.
This was solidified by the growing demand for the group’s higher-end King of the Hill — 8Kia Peng @KLCC project in downtown Kuala Lumpur City Centre, he said.
“Focus for this year will continue to be on the sale of properties in i-City, while stepping up on the sale of 8Kia Peng @KLCC which is now seeing very strong traction.
“In addition, we expect to complete and hand-over Liberty Tower, Parisien Tower and Hyde Tower in Q3 2018. Furthermore, we are also preparing ourselves for new launches by 2019 during which the prolonged weakness in the property market should start to ease up,” he said.
The group noted that 2018 will be an exciting year for the Property Investment segment with the imminent completion and opening of the Central i-City shopping centre this coming November.
The group’s unbilled sales as at March 31, 2018 stood at RM272.8 million and this was expected to grow in tandem with the sales of 8Kia Peng @KLCC project, which is expected to contribute positively to earnings this year and next year, it added. — Bernama
