Bursa Alert
Global Market
NewsIGB 3Q net profit drops 40% due to write-off
Page 1 of 1
IGB 3Q net profit drops 40% due to write-off
by Cals Wed 26 Nov 2014, 02:35
IGB 3Q net profit drops 40% due to write-off
KUALA LUMPUR (Nov 25): IGB Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s net profit dropped 40% to RM34.2 million for its third quarter ended Sept 30, 2014 (3QFY14) from RM57.2 million a year earlier, due to several provisions taken during the quarter, which included a write-off of hotel properties in Pangkor Island amounting to RM43.8 million.
Revenue for 3QFY14, however, rose 3% year-on-year (y-o-y) to RM291.4 million from RM281.8 million.
IGB’s earnings per share (EPS) fell to 2.55 sen from 4.08 sen in 3QFY13.
“With regard to the group’s resort hotel, Pangkor Island Beach Resort located on Pangkor Island, the board has made a decision to redevelop the hotel which is more than 30 years old,” said IGB in a filing with Bursa Malaysia today.
For the nine months to Sept 30, 2014 (9MFY14), net profit contracted 4% to RM159.1 million from RM166.3 million a year ago, while revenue climbed 13% to RM880.5 million from RM776.7 million in 9MFY13.
Its EPS for 9MFY14 was slightly higher at 11.87 sen compared with 11.86 sen a year ago.
Going forward, IGB said it is optimistic of achieving better results for the financial year ending Dec 31, 2014.
The group will soon launch 41 units of strata bungalows called Park Manor, in Sierramas, Sungai Buloh here under its property development division.
IGB shares closed 2 sen higher at RM2.90 today, with a market capitalisation of RM3.87 billion.
KUALA LUMPUR (Nov 25): IGB Corp Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s net profit dropped 40% to RM34.2 million for its third quarter ended Sept 30, 2014 (3QFY14) from RM57.2 million a year earlier, due to several provisions taken during the quarter, which included a write-off of hotel properties in Pangkor Island amounting to RM43.8 million.
Revenue for 3QFY14, however, rose 3% year-on-year (y-o-y) to RM291.4 million from RM281.8 million.
IGB’s earnings per share (EPS) fell to 2.55 sen from 4.08 sen in 3QFY13.
“With regard to the group’s resort hotel, Pangkor Island Beach Resort located on Pangkor Island, the board has made a decision to redevelop the hotel which is more than 30 years old,” said IGB in a filing with Bursa Malaysia today.
For the nine months to Sept 30, 2014 (9MFY14), net profit contracted 4% to RM159.1 million from RM166.3 million a year ago, while revenue climbed 13% to RM880.5 million from RM776.7 million in 9MFY13.
Its EPS for 9MFY14 was slightly higher at 11.87 sen compared with 11.86 sen a year ago.
Going forward, IGB said it is optimistic of achieving better results for the financial year ending Dec 31, 2014.
The group will soon launch 41 units of strata bungalows called Park Manor, in Sierramas, Sungai Buloh here under its property development division.
IGB shares closed 2 sen higher at RM2.90 today, with a market capitalisation of RM3.87 billion.
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics» Coastal Contracts’ 3Q profit falls 56% on inventory write-down
» Zelan records 76% rise in 3Q profit on provision write-back, tax refund
» KLK 1Q net profit drops 27%, sees 'satisfactory profit' this year
» PPB Q1 profit drops 38.96%
» MCT's net profit drops 8.3% in 1Q
» Zelan records 76% rise in 3Q profit on provision write-back, tax refund
» KLK 1Q net profit drops 27%, sees 'satisfactory profit' this year
» PPB Q1 profit drops 38.96%
» MCT's net profit drops 8.3% in 1Q
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum