I-Bhd’s net profit improves in Q4

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KUALA LUMPUR: I-Bhd’s net profit rose 15% to RM15.71mil for the fourth quarter ended Dec 31, 2015, from RM13.67mil in the corresponding period in 2014 on higher revenue and lower expenses.

During the quarter under review, the property development and investment group saw its revenue increase 8.7% year-on-year (y-o-y) to RM74.1mil from RM68.16mil previously, while its earnings per share (EPS) rose to 1.48 sen from 1.38 sen.

In its filing with Bursa Malaysia, I-Bhd said its fourth-quarter 2015’s pre-tax profit was a huge jump, at RM21.4mil, compared with RM10.4mil in the preceding quarter.

“The big leap in performance as compared to preceding quarter was mainly due to higher revenue recognition from property development segment which was resulted from the construction works progress,” I-Bhd explained. 

It pointed out that the higher revenue of RM74.1mil in the fourth quarter of 2015, compared with RM55.2mil in the third quarter was mainly attributable to the leisure segment in view of the seasonal effects with the school holidays and festive season happening in the quarter in review.

For the full year, however, I-Bhd’s net profit was 19.5% lower at RM43.02mil, compared with RM53.41mil in 2014, with EPS sliding to 4.05 sen from 8.78 sen. The group’s revenue in 2015 was lower by 1.43% at RM257.39mil, compared with RM261.11mil in the preceding year.

It noted that during the year in review, its property development division registered decline in revenue and pre-tax profit, while its property investment division slipped into a net loss. The group’s leisure division also raked in lower earnings despite registering higher revenue in 2015, as compared with the preceding year.
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