IGB 2Q profit hikes 9% to RM61m

IGB 2Q profit hikes 9% to RM61m
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Thursday, 29 August 2013 19:16

KUALA LUMPUR (August 29): IGB Corp Bhd’s net profit hiked 9% year-on-year (y-o-y) to RM61 million in the second quarter ended June 30, 2013 from RM56 million.

In a statement to the bourse, IGB credited the profit growth to larger contribution from its property investment and hotel divisions.

Revenue slipped 3% to RM251.8 million from RM260.8 million. The group blamed the weaker results to lower contribution from the property development division.

Cumulatively, six-month net profit fell to RM109.1 million versus RM113.4 million a year earlier while revenue rose to RM494.8 million compared to RM483.7 million.

IGB said it is cautiously optimistic that its current year operating results will improve compared to the previous year's, given the current uncertainties in a challenging global and investment environment.

By year-end, the group is expected to launch the "Three28 Tun Razak", a 166-unit service apartment project with a gross development value of RM96 million.

IGB also intends to launch the "Park Manor" bungalows at Sierramas. The project comprising 41 bungalows is worth RM97 million.