IOIProp group chief executive officer Lee Yeow Seng said the declining interest rates outlook bodes well for the group.
KUALA LUMPUR: IOI Properties Group Bhd
(IOIProp) registered a lower net profit of RM94.78mil in the second quarter of its financial year ending June 30, 2025 (2Q25) against RM121.50mil in 2Q24.
Revenue, however, increased to RM729mil versus RM606.90mil previously, mainly driven by improved performance in the property investment and hospitality and leisure segments, it said in a filing with Bursa Malaysia yesterday.
For the first half of FY25, the group’s net profit fell to RM163.95mil from RM295.94mil in the same period a year ago, while revenue rose to RM1.42bil from RM1.25bil previously.
In a separate filing with Bursa, IOIProp noted that the softer performance was primarily attributed to the interest expense from IOI Central Boulevard Towers in Singapore.
“The impact of the higher interest expense was moderated by the stronger performance of its property investment and hospitality and leisure segments.
“This performance underscores the resilience of the group’s diversified portfolio, which enables it to sustain its performance amid global economic uncertainties.”
IOIProp group chief executive officer Lee Yeow Seng said the declining interest rates outlook bodes well for the group.
Its diversified product offerings across three countries, sizeable recurring income stream from established property investment portfolio would provide the group with a strong foundation to ensure sustained earnings, he added. — Bernama
