Aerial view of i-City in Shah Alam
KUALA LUMPUR: I -Bhd posted a strong set of financial results for the first quarter ended March 31, 2017, underpinned by the property development segment as demand for properties in i-City, Shah Alam remains strong.
It said on Tuesday its Q1, FY17 profit before tax (PBT) for Q1 2017 came in 43% higher at RM23.03mil compared to RM16.1mil a year ago. Earnings rose 21% to RM18.59mil from RM15.36mil.
I-Bhd
's revenue rose 27.8% to RM102.83mil vs RM80.45mil. Its earnings per share rose to 1.75 sen from 1.45 sen.
“I-Bhd continues to set the bar higher in terms of its financial performance, announcing earlier today results which are its highest quarter one (Q1) achievements to-date,” it said.
The company said the consistent strong numbers as seen in recent quarters come as a result of the group's success in adopting a business strategy in which the property development segment was envisaged to contribute towards a steady Group revenue of RM500mil per year, and augmented by an RM1bil investment portfolio in the next few years.
“In 2016, revenue for the property development segment had grown to RM332mil from RM25mil in 2012 and we expect to see sustainable growth over the next two to three years,” it said.
I-Bhd said as most of the prized assets such as the super regional shopping mall, the DoubleTree by Hilton i-City Hotel, Convention Centre and car parks are still under construction, it expects another leap in the group‘s performance when all these investment portfolios come on stream. As at the end of Q1 2017, about RM409.5mil has been invested.
“The group has unbilled sales of RM447.9mil at the end of March 2017 compared to RM573.3mil at the end of 2016,” it said
I-Bhd said it was confident that demand for properties in i-City would remain strong, underpinned by the development progress from its four projects, namely i-Suite, Liberty Tower, Parisien Tower and Hyde Tower in i-City. T
“In the second half of this year, I-Bhd expects to see a jump in new sales from the upcoming IoT ready homes -- Hill10 Residence @i-City that is to be launched in June of this year,” it said.
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