14 November 2014

I-Berhad net profit jumps

  14 November 2014

KUALA LUMPUR: I-Berhad’s net profit jumped more than fourfold to RM14.23 million for the third quarter ended September 30 2014 from RM2.67 million a year ago.

Revenue increased to RM77.38 million from RM35.53 million previously.

In a filing to Bursa Malaysia yesterday, the company said the performance was due to the contributions from its property development division.

For year-to-date, revenue hit RM192.95 million, rising almost 100 per cent compared with RM96.48 million for the financial period ended September 30, 2013.

I-Berhad deputy chairman Datuk Eu Hong Chew said the property development segment was growing rapidly in line with the promising sales performance as well as the group’s continuous construction programme.

“The overall spectacular performance for both the current quarter and the financial period ended 30 September 2014 was driven by the higher percentage of recognition for both the project completion and sales for our i-Residence, i-SOVO, i-SOHO and i-Suites projects,” Eu said in a statement issued yesterday.

The group has recently launched “Liberty Tower”, a fully furnished 350-unit serviced apartment worth about RM178 million. Based on the encouraging market response to the new launch, the group has strong confidence the project will be a success, he added.

Barring any unforeseen circumstances, Eu said the I-Berhad board is confident that the group will achieve better operating results for the financial year ending December 31 2014.

He said aside from property development, the leisure segment is anticipated to continue contributing positively to the group’s performance for the remaining quarter of the current financial year.

“For the leisure division, the group expects new attractions that are coming on stream before the final quarter of the financial year to boost the segment’s performance,” he said.

I-Berhad has successfully completed its corporate exercise recently which involved amongst others, a share split, rights issue with warrants, bonus issue and offer for sale of irredeemable convertible unsecured loan stocks, thereby bringing its market capitalisation potentially to a billion ringgit property group.



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