This article first appeared in The Edge Financial Daily on November 21, 2017
KUALA LUMPUR: IOI Properties Group Bhd’s net profit rose 28.11% to RM242.85 million in its first quarter ended Sept 30, 2017 (1QFY18) from RM189.57 million a year earlier, thanks to better operating profit across all three core businesses.
Earnings per share rose to 4.41 sen from 4.02 sen in 1QFY17, the group said in a filing with Bursa Malaysia.
Quarterly revenue, however, declined 3.28% to RM869.98 million from RM899.52 million previously, mainly due to lower contribution from the group’s property development overseas.
The property development segment saw 6% lower revenue year-on-year (y-o-y) at RM742.2 million. “The higher revenue in the preceding year corresponding quarter was mainly due to higher take-up rates from the overseas projects in both Singapore and Xiamen, China,” said the group.