IOI Properties sees revenue rise to RM1.3b despite Covid-19 pandemic

IOI Properties Group Bhd (IOIPG) today reported a 13 per cent increase to its revenue for the first half of its 2021 financial year. — Bernama pic
IOI Properties Group Bhd (IOIPG) today reported a 13 per cent increase to its revenue for the first half of its 2021 financial year. — Bernama pic

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KUALA LUMPUR, Feb 22 — Malaysian real estate giant IOI Properties Group Bhd (IOIPG) today reported a 13 per cent increase to its revenue for the first half of its 2021 financial year, raking in RM1.3 billion.

It also said its operating profit improved by 7 per cent to RM511.2 million for the first half of the same financial year, despite the challenges wrought by the Covid-19 pandemic.

However, the group reported that its net profit for its second financial quarter that ended on December 31 last year declined to RM172.3 million compared with RM215.1 million previously.

It said revenue rose to RM591.3 million in the same 2020 quarter compared to RM564.1 million for the same period the year prior.

It attributed the 5 per cent increase in revenue to its property development segment.

IOIPG’s property development segment contributed RM494.9 million in revenue and RM192.6 million in operating profit, mainly from its operations in China that also registered an increase of 20 per cent and 19 per cent respectively.

Revenue and operating profit for the property investment segment were at RM73.6 million and RM31.3 million respectively while the hospitality and leisure segment recorded a revenue of RM21.1 million.

In a statement, IOIPG chief executive officer Datuk Voon Tin Yow expressed confidence that the government’s measures announced in Budget 2021 and Home Ownership Campaign will boost demand for mid-priced ranged products and stimulate property market growth in Malaysia.

*Editor's note: An earlier version of this article erroneously reported IOI Properties' operating profit as having improved to RM783.63 million and has since been rectified.

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