The property developer said in a filing with Bursa Malaysia that its third quarter results for the 2020 financial year slipped to RM71.36mil as compared to RM194.7mil in the previous corresponding quarter.
Revenue during the quarter was RM401.4mil, which was 17.7% lower than in the comparative quarter.
IOI Properties Group CEO Datuk Voon Tin Yow said the group will face challenges over the remainder of its 2020 financial year but it is well positioned for a recovery once restrictions are lifted.
“The pandemic outbreak is expected to affect the performance of the retail and hospitality segments. However, the Group is actively adopting a pragmatic tenant retention strategy for occupancy optimisation in anticipation of a less restricted movement environment.
“Moving forward, we have mid-price range of projects in the pipeline ready to be launched once we have assessed that the market is ready post-CMCO. So far, we have approximately 40 ongoing projects and a total development landbank of approximately 10,000 acres,” he added.
IOI Properties reported that its sales in the Klang Valley were not very affected by the movement control order with sales for some products moving faster due to aggressive sales packages.
It added that it is constantly improving its digital marketing capabilities and set up an e-marketplace platform to conduct sales transactions before the implementation of the MCO.
Meanwhile, the group has also leveraged on the Home Ownership Campaign, which has continued to stimulate interest in home-owership and helped to address the property overhang situation, it said.
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