I-Bhd’s 4Q net profit shrinks on CMCO impact

I-Bhd’s 4Q net profit shrinks on CMCO impact
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KUALA LUMPUR (Feb 26): Property developer I-Bhd saw its net profit for the fourth quarter ended Dec 31, 2020 (4QFY20) contract 19.32% quarter-on-quarter (q-o-q) to RM764,000 or earnings per share of 0.07 sen, from RM947,000 or 0.08 sen per share.

In a bourse filing yesterday, I-Bhd stated that its quarterly revenue also declined by 81% q-o-q to RM7.24 million from RM37.44 million.

The property developer explained that the lower revenue was due to the adverse impact of the conditional movement control order (CMCO).

On a year-on-year (y-o-y) basis, the group’s quarterly net profit plunged from RM37.92 million, or earnings per share of 3.53 sen, while, its revenue dropped from RM47.16 million.

It did not declare any dividends in 4QFY20 or in FY20 in general.

For FY20, the group’s net profit dropped to RM3.31 million from RM62.09 million a year prior. Its full-year revenue also retreated 50.81% y-o-y to RM84.62 million from RM172.02 million.

It noted that its unbilled sales as of Dec 31, 2020 stood at RM41.3 million, from the RM45.5 million seen on Sept 30, 2020.

“Whilst the group has embarked on a series of future plans, with the current uncertainty in the global and local economies due to the Covid-19 pandemic, the operating performance of the group for the financial year ending Dec 31, 2021 will remain challenging.

"However, the board is cautious on the potential impact of the Covid-19 pandemic and will continue to manage the business of the group with vigilance in its cash conservation measures during this period of uncertainty,” it noted.

At noon market close, I-Bhd was unchanged at 23.5 sen, valuing it at RM262.85 million. It saw 360,700 shares done.

Lam Jian Wyn