KUALA LUMPUR: IGB Corp Bhd’s net profit for the third quarter ended Sept 30, 2016 (3QFY16) increased 228% to RM148.11 million, from RM45.09 million a year earlier, as it recorded higher property development, investment and hotel revenue.

The improved earnings also came from a one-off gain of RM136.2 million from the disposal of property, plant and equipment by a subsidiary, according to its quarterly results filing yesterday.

Quarterly revenue grew 18% year-on-year to RM324.71 million, from RM274.49 million.

Cumulative nine months of FY16 net profit was up 53% at RM254 million, against RM165.59 million in the same period last year, though revenue slid 2% to RM867.43 million, from RM880.67 million.

Notably, IGB Corp sold three hotels this year, the first being Cititel Express Kuala Lumpur in May, which was sold for RM37 million. The second was the 65%-owned MiCasa Hotel, Yangon, which it let go of in July for US$46 million.

On Aug 15, its unit inked an agreement to sell Renaissance Kuala Lumpur Hotel for RM765 million. It expects to complete the sale in the first half of 2017.

“Including the pre-tax gain of RM136.2 million arising from the disposal of MiCasa Yangon, the board is optimistic [that] there will be an improvement in the results of the group for FY16, when compared to FY15,” it said.

IGB Corp shares gained one sen to settle at RM2.48, with a market capitalisation of RM3.3 billion.