KUALA LUMPUR (May 14): Property developer IOI Properties Group Bhd (IOI Prop)’s net profit jumped 20.9% to RM107.8 million in the third quarter ended Mar 31, 2015, from RM89.1 million in the previous corresponding quarter, due to improved contributions from all its operating segments.

Revenue was up 28% to RM468.4 million from RM365.8 million a year earlier, its statement to Bursa Malaysia showed today.

It said the higher revenue was mainly due to higher progress work and sales from the group's ongoing and completed development projects, and the recent launch of its new township at Bandar Puteri Bangi.

For the nine-month period, net profit fell 2.2% to RM489.1 million, from RM500.3 million in the same period last year; while revenue grew 24.6% to RM1.29 billion, from RM1.04 billion previously.

The group said the higher revenue and operating profit for property development were mainly due to higher progress works and sales from its ongoing and completed development projects.

On prospects ahead, IOI Properties will continue to focus on affordable housing and landed properties in its existing and new townships.

Internationally, the group is targeting to launch its residential properties in IOI Palm City, its second mixed development project in Xiamen PRC, during the last quarter of this financial year.

“In addition, the group is expected to generate higher income stream from its property investment segment. The overall group's performance is expected to be satisfactory,” said IOI Prop.

IOI Properties ended down 8 sen or 3.7% to RM2.09 today, giving it a market capitalisation of RM7.89 billion.