I-Bhd Q2 earnings up 33.7% to RM19.6mil - Business News | The Star Online


I-Bhd Q2 earnings up 33.7% to RM19.6mil

  • Property
  • Monday, 17 Jul 2017

KUALA LUMPUR: I-Bhd ’s net profit surged 33.7% to RM19.62mil for the second quarter ended June 30, compared with RM14.7mil a year ago, mainly due to its property development division. 

Its revenue for the period rose to RM127.8mil against RM86.7mil previously. Earnings per share was higher at 1.85 sen in the second quarter from 1.38 sen last year. 

For the first six months to June 30, i-Bhd posted a net profit of RM38.22mil, up 27.3% from RM30mil on the back of RM230.65mil revenue. 

“The property development segment continues to be the main contributor to this steady performance, a result of construction progress and continuous sales from four projects, namely i-Suite, Liberty Tower, Parisien Tower and Hyde Tower in i-City,” i-Bhd said in a statement. 

To-date, the group had unveiled the Hill10 Residence @i-City with 204 exclusive luxury residences located above the DoubleTree by Hilton @i-City Shah Alam. 

“The group has unbilled sales of RM335mil at the end of June 2017 as compared to RM448mil at the end of March 2017. However, this has yet to fully reflect the new sales of Hill10, which is expected to be reflected in 2H2017. As at the date of this announcement, Hill10 has registered strong interest with a take up rate of 70%. 

“The group is confident of continuously innovating to launch product that is relevant with today’s technology driven lifestyles,” i-Bhd.

It added that the group continued to invest in i-City and reviews technology with its technology partner, Huawei for further enhancements to i-City.

“The group is also cognisant of the need of communities around i-City and plans are in place to develop senior care, wellness and a unique education centre as announced during the recent AGM,” it said. 

“Already, the group is realising its announcements made earlier with the DoubleTree by Hilton @i-City, Convention Centre, and a super regional mall jointly developed together with Central Group of Thailand already under construction,” i-Bhd said. 

The group expects the mall to be completed by 2018 and expect to provide a refreshing retail experience to the western part of Selangor.

Property , I Bhd