Update IGB 2Q net profit up 9% to RM66.55 million

by **Cals** Wed 27 Aug 2014, 23:20

Update IGB 2Q net profit up 9% to RM66.55 million

Business & Markets 2014

Written by Jonathan Gan of theedgemalaysia.com

Wednesday, 27 August 2014 18:49

KUALA LUMPUR (Aug 27): IGB Corporation Bhd net profit for the second quarter ended June 30, 2014, grew 9% to RM66.55 million from RM61.03 million a year ago.

Revenue rose 16% to RM293.1 million or 9.3 sen a share when compared with the corresponding quarter in 2013.

For the six months period, net profit grew to RM124.9 million from RM109 million a year ago while revenue grew to RM589.13 million from RM494.84 million last year.

On its property development division, the group said that 97% of its 474 apartments at G Residence have been sold with a total sales value of about RM369 million.

It added that its new development known as Three28 Tun Razak launched last October had achieved over 85% take-up rate with a total sales value of RM145 million.

The group will also be launching 41 units of strata bungalows in Sierramas called Park Manor.

On its property investment division, the company said its total rental income for the six months to June 30, 2014 totalled RM65.6 million compared to RM62.2 million in 2013.

“All five office towers in Mid Valley City are closed to 100% occupied whilst Menara Tan & Tan and Plaza Permata are 85% and 79% occupied respectively,” the group said.

The company said its hotel division reported a total turnover of RM180.6 million, a 4% increase compared to last year.

“All hotels in the group achieved higher average room rates when compared to 2013. In addition, with the exception of MiCasa Apartments Kuala Lumpur and Cititel Express Kuala Lumpur, all other local hotels recorded higher average occupancy rates when compared to 2013,” it said.

On prospects, IGB said it was optimistic operational results for 2014 would be better than the previous financial year.