KUALA LUMPUR: I-Bhd
posted a net profit of RM10.42mil in the first quarter of its financial year as compared to RM9.96mil in the year-ago quarter, as it transitions its business model towards a high-margin, intelligence-driven urban ecosystem.
Quarterly revenue dropped to RM43.93mil from RM62.06mil in the comparative quarter.
According to the group's filing with Bursa Malaysia, the decline in revenue was primarily due to lower progressive billings in the property development segment, as the group's development project had reached completion in the preceding quarter.
While segment revenue moderated to RM10.5 mil, pre-tax profit increased 21% to RM5.6mil, driven by higher-margin developments such as 8 Premier and Twenty8, cost optimisation, variation
order gains and margin enhancement initiatives.
“We are seeing a structural shift in how property is defined and valued. It is no longer just about physical space, but about how environments function as platforms for services, data and intelligent systems.
"Our focus at i-City is to build an ecosystem where AI and robotics are embedded into everyday life, not as a feature, but as an operating layer,” said Tan Sri Lim Kim Hong, chairman of I-Bhd, in a statement.
