Hot Stock I-Bhd leaps 12.77% following earnings surge

by **Cals** Mon 11 Aug 2014, 22:48

Hot Stock I-Bhd leaps 12.77% following earnings surge

Business & Markets 2014

Written by Jonathan Gan of theedgemalaysia.com

Monday, 11 August 2014 13:18

KUALA LUMPUR (Aug 11): I-Bhd shares leaped as high as 12.77% today after the company reported last Friday a strong set of financial results for the second quarter ended June 30, 2014.

At 11.55 am, the counter was up 24 sen at RM2.12 with some 730,800 shares traded.

The company posted a second quarter net profit of RM19.4 million, up 185% over the previous corresponding figure of RM6.78 million. Revenue rose to RM70.65 million from RM33.8 million.

First half net profit rose to RM 25.5 million from RM11.71 million a year ago, with revenue jumping to RM115.56 million from RM60.95 million.

I-Bhd attributed its revenue and profit increase to its property development segment.

“The significant increase in both revenue and profit before tax for the current quarter and the financial period ended 30 June 2014 were driven by higher percentage of recognition for both the project completion and sales for i-Residence, i-SOVO, i-SOHO and i-Suites projects,” the company said in a filing to Bursa Malaysia.

On prospects, the company expects its property development and leisure segment to continue to contribute positively to the group’s performance for the remaining quarters of the current financial year.

“The group is looking into launching two new projects, namely Grand i-Residence and the next phase of i-Suite, with a combined Gross Development Value (GDV) of approximately RM1.6 billion before the end of the financial year of 2014.

“Grand i-Residence which is the group’s maiden property project in Kuala Lumpur is a 50 storey luxury condominium project located on 1.05 acres along Jalan Kia Peng in the vicinity of Kuala Lumpur City Centre,” it said.