KUALA LUMPUR (Nov 26): IGB Bhd posted its largest quarterly net loss of RM58.68 million in the third quarter ended Sept 30, 2021 (3QFY21) as the property group booked in a one-off tax expense of RM56.2 million net of deferred tax in relation to the disposal of investment properties to IGB Commercial REIT.

This is the group's fourth consecutive quarterly loss. In contrast, the group posted a net profit of RM16.99 million a year ago, its bourse filing showed.

However, the group noted that its financial performance for the fourth quarter ending Dec 31, 2021 (4QFY21) will be better when compared to the first three quarters.

IGB said the anticipated improved performance in 4QFY21 will be underpinned by a one-off gain of RM190 million, arising from the disposal of its equity interest in the UK based firm, Black Pearl Ltd for £235 million or RM1.27 billion in October.

For 3QFY21, its quarterly loss per share was at 6.6 sen compared to earnings per share of 2.03 sen in the previous corresponding quarter.

Quarterly revenue fell 28% to RM201.3 million from RNM279.80 million a year before, due to lower contributions from the property investment — commercial, property investment — retail, hotel and investment divisions.  

Despite the loss-making quarter, IGB declared an interim dividend of 10 sen per share as well as dividend-in-specie, to be distributed via 10.36 treasury shares for every 1,000 existing shares held.

The ex-date for both cash dividends and dividend-in-specie falls on Dec 9. Meanwhile, the payment date for the cash dividend is Dec 24.

The group posted a net loss of RM71.92 million for the nine months ended Sept 30, compared to a net profit of RM19.69 million in the same period a year ago. Revenue shrank nearly 15% to RM629.61 million from RM739.75 million.

IGB’s shares price fell one sen to RM1.92, for a market capitalisation of RM1.74 billion.