IOI Properties Q1 net profit rises to RM208.81m

In a filing with Bursa Malaysia today, IOI Properties Group said revenue was down 35 per cent to RM431.77 million from RM659.67 million previously. — Picture by Firdaus Latif
In a filing with Bursa Malaysia today, IOI Properties Group said revenue was down 35 per cent to RM431.77 million from RM659.67 million previously. — Picture by Firdaus Latif

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KUALA LUMPUR, Nov 25 — IOI Properties Group Bhd posted a higher net profit of RM208.81 million for the first quarter (Q1) ended September 30, 2021 from RM192.11 million in the same quarter a year ago.

In a filing with Bursa Malaysia today, it said revenue, however, was down 35 per cent to RM431.77 million from RM659.67 million previously.

The decrease in revenue was mainly attributed to the adverse impact on all the group’s operating segments arising from the movement control order (MCO) 3.0 imposed by the government.

It said businesses have been picking up for the group’s retail and hospitality segments in Malaysia, following the reopening of the economy.

“We will continue with digital marketing and innovative solutions to provide value proposition for our mall tenants and customers alike,” it said.

The group is also committed to providing a safe environment for hotel guests and staff, and will ensure it adheres to the latest standards in safety management at all times.

“Overall, we expect the operating environment to remain challenging.

“Nevertheless, we will continue with prudent and professional management approach to ensure satisfactory performance in the coming quarters whilst improving our market position and strengthening our competitive edge to seize any opportunities that may emerge,” it said. — Bernama

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