Update IGB 3Q profit rises 52% to RM57m, pays 5 sen dividend

by **Cals** Fri 29 Nov 2013, 18:32

Update IGB 3Q profit rises 52% to RM57m, pays 5 sen dividend

Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com

Friday, 29 November 2013 18:25

KUALA LUMPUR (Nov 29): IGB Corp Bhd's net profit rose 52% to RM57.16 million in the third quarter ended September 30, 2013 from RM37.5 million a year earlier. Profit growth came on higher income from property development and investments.

In a statement to the exchange, IGB said higher revenue, besides lower administrative and operating expenses had contributed to profit growth. The firm said revenue climbed toRM281.83 million from RM241.19 milion.

"For the three months ended 30 September 2013, group revenue increased by 17% to RM281.8 million when compared to the corresponding period in 2012 of RM241.2 million arising from higher contributions from all operating divisions.

"Accordingly, group pre tax profit increased by 38% to RM117.4 million when compared to pre tax profit of RM85.3 million achieved in the corresponding period in 2012 due to highercontributions from the property development and property investment divisions," IGB said.

Nine-month net profit rose to RM166.25 million from RM150.92 million a year earlier. Revenue was higher at RM776.67 million versus RM724.91 million.

IGB plans to pay an interim dividend of five sen a share for the quarter in review.

The firm is optimistic of its outlook. "The board is confident that the group’s operational results for the current financial year should show an improvement over the previous financial year," IGB said.