KUALA LUMPUR, May 31 — IGB Bhd’s net profit eased 48 per cent to RM70.21 million in the first quarter ended March 31, 2018 (1Q18) due to a one-off write-back of deferred tax arising from the disposal of asset, classified as held-for-sale.
Revenue for the quarter, however, rose marginally during the quarter under review to RM294.20 million from RM281.55 million recorded earlier, attributable to higher contribution from its property investment’s retail and property development divisions.
Saying that a full consolidation of the group’s business was expected in the coming months, IGB added that its operations would be satisfactory with the completion of its corporate exercise, including the acquisition of the entire equity interest in IGB Corporation Bhd (IGBC).
“The proposed scheme was legally effective upon receiving the Order of the High Court of Malaya which was lodged with the Registrar of Companies Malaysia on Jan 9, 2018,” said IGB in a filing with Bursa Malaysia today.
Following the completion of the proposed scheme, IGBC became a wholly-owned subsidiary of the company and IGBC was delisted from the official list of Bursa Securities on March 16, 2018.
On March 20, 2018, the company changed its name to IGB Bhd from Goldis Bhd. — Bernama
