KUALA LUMPUR (May 24): IGB Corp Bhd posted a net profit of RM51.81 million in the first quarter ended March 31, 2016 (1QFY16), a decline of 20.5% from RM65.15 million a year earlier, on lower contribution from property development and property investment segments.

Revenue fell 16.2% to RM280.21 million, from RM334.28 million, due to lower contribution from the property development division.

In a note accompanying its financial results, IGB Corp said its achieved revenue for the three months ended March 31, 2016 was within expectations.

The group said revenue from the property development division during the current quarter had dropped significantly, when compared with the same period last year, as it has yet to launch any new development projects, in view of current weak sentiment in the property sector.

On its prospects, IGB Corp said with the improved performances from the property investment and hotel divisions, it is cautiously optimistic that the performance for the group for the financial year ending Dec 31, 2016 (FY16), will be satisfactory.

Shares of IGB Corp were traded unchanged at RM2.40 today, with 12,800 shares traded, for a market capitalisation of RM3.28 billion.