I-Bhd posts higher Q1 net profit of RM25.5mil

As the value of the company is tied to the performance of the company, it is in the interest of the warring shareholders to argue and fight outside the company.

KUALA LUMPUR: I-Bhd is confident that it will achieve "commendable operating results" for its 2018 financial year.

The property developer's first quarter net profit ended March 31, 2018, was 16.6% higher to RM24.49mil in 1QFY18 compared to the previous corresponding quarter on 47% higher revenue of RM159.35mil.

For property development, the group recorded revenue of RM147.92mil versus a restated revenue of RM97.83mil in the year-ago quarter while profit before tax, was comparable at RM24.05mil versus RM24.62mil due to the adoption of MFRS 15 reporting standards.

Meanwhile, both property investment and leisure divisions posted higher revenue and profit before tax due to higher occupancy rates and improved visitor arrivals respectively.

I-Bhd said it expects its property development segment to continue to contribute positively to group's performance in 2018 due to a pick-up in sales of its 8Kia Peng development while Phase 4 of its SOHO development will be handed over to purchasers by 3Q18.

"With the completion of Phase 4 of SOHO as well as the continuous sales of 8Kia Peng, the Property Development segment results for the financial year ending 31 December 2018 is expected to be higher as compared to financial year ended 31 December 2017," it said.

The group's unbilled sales as at March 31, 2018, stood at RM272.8mil versus RM274mil in Dec 31, 2017.

"The completion of the Phase 4 of SOHO development will realise a portion of the unbilled sales which will lead to a positive surge in the Group’s cash and cash equivalents position."