I-Bhd unbilled property sales rise to RM680mil

PETALING JAYA: I-Bhd saw an increase in unbilled property sales to RM679.2mil as at end Sept this year from RM453.4mil the same period last year, bolstered by strong demand at on-going projects.

The company expects the unbilled sales to translate into higher revenue for the group when the construction progresses further in the future.

“The growth in the occupancy of Best Western i-City Hotel as well as the contribution from the new attractions at Leisure Park @ i-City that were opened in the beginning of this year, will drive the growth of the leisure segment,” it said.

I-Bhd saw its net profit for its third quarter ended Sept 30, 2015 drop 40% to RM8.5mil from RM14.2mil the same period a year ago. Revenue fell 28.5% to RM55.2mil from RM77.3mil a year ago.

For its nine months to-date, net profit decreased 31% to RM27.3mil from RM39.7mil last year while revenue fell 5% to RM183.2mil from RM192.9mil.

The group said its property development sector contributed less because in 2014, the revenue and contribution were mainly from i-Residence and i-SOVO whereas in 2015, the contribution was mainly from i-SOHO, i-Suites, Liberty and Parisien towers projects which are on-going developments at their initial stage of construction.

It said the slight decrease in the revenue for its property investment was due to changes in the tenants mix and that loss before tax for the current quarter was due to once-off cost saving in the previous third quarter.

For its leisure sector, the increase in revenue was due to contribution from the 3-star Best Western i-City that commenced operations in January 2015 while the drop in profit was due to the hotel’s pre- opening expenses.