KUALA LUMPUR (May 30): I-Bhd's net profit rose 16.6% to RM24.49 million for the first quarter ended March 31, 2018, from RM21 million in the same quarter last year.

Quarterly revenue jumped 46.9% to RM159.35 million from RM108.45 million, the group said in a filing with Bursa Malaysia.

I-Bhd said the improved revenue and profit were due to improved sales from the 8Kia Peng project as well as the impact of the adoption of Malaysian Financial Reporting Standards (MFRS) 9.

Higher occupancy rates and visitor arrivals also helped improve the group's first quarter revenue and profit, it said.

I-Bhd said it expects the property development segment to continue to contribute positively to the group's performance in the current financial year as there has been a pick-up in the sales of 8Kia Peng during the first quarter.

"The board is confident that the group would achieve commendable operating results for the financial year," it added.

At 4:06pm, I-Bhd's shares were trading at 48 sen, giving the group a market capitalisation RM484.16 million.