KUALA LUMPUR (Nov 23): IGB Corp Bhd's third quarter net profit increased 288% to RM148.11 million from RM45.09 million a year earlier, on higher property and hotel revenue. Net profit also rose on a gain from property, plant and equipment sale.
 
IGB Corp told Bursa Malaysia today that revenue grew to RM324.71 million in the third quarter ended September 30, 2016 (3QFY16), from RM274.49 million. 

"Group pre-tax profit increased by more than 100% to RM252.6 million, when compared to pretax profit of RM101.4 million achieved in the corresponding period in 2015, due to higher contributions from the property development, property investment-retail and hotel divisions.

"In addition, the group pre-tax profit for the current quarter had included a one-off gain of RM136.2 million from the disposal of property, plant and equipment by a subsidiary," IGB Corp said.

Cumulative 9MFY16 net profit was up at RM254 million against RM165.59 million in the same period last year.
 
However, revenue fell to RM867.43 million, from RM880.67 million.
 
Trading in IGB Corp shares was halted from 9 a.m. to 10 a.m. today, in conjunction with its quarterly financial announcement.

At 10:47 a.m., IGB Corp shares rose two sen or 0.8% to RM2.49 for a market capitalisation of RM3.3 billion. The company's latest reported net assets per share stood at RM3.32.