KUALA LUMPUR (May 31): I-Bhd's (KL:IBHD) first quarter net profit rose sixfold to RM4.07 million from RM675,000 a year earlier, which the group attributed to its "strong financial management and strategic foresight".
This is despite revenue for the quarter ended March 31, 2024 (1QFY2024) slipping 8.6% to RM40.63 million from RM44.46 million previously, said the developer of i-City in Shah Alam in a statement on Friday.
The lower revenue, it said, was due to the property development segment’s revenue falling 53% to RM7.99 million, from RM17.09 million a year earlier, amid clearance of existing inventory.
Nonetheless, improved earnings from the property investment as well as leisure and hospitality segments, coupled with the group booking a 19.9% decline in other expenses to RM16.47 million versus RM20.55 million previously, resulted in the group posting the improved net profit.
As at end-March 2024, the property development segment’s unbilled sales stood at RM97.2 million versus RM94.5 million a year ago.
The developer did not declare any dividend for 1QFY2024.
Looking ahead, I-Bhd said its primary focus will be on expanding its property development pipeline this year for i-City.
“In tandem with our commitment to enhancing the appeal of i-City properties, we are unwavering in our efforts to strengthen our investment properties portfolio,” it added.
Shares in I-Bhd ended half a sen or 2.04% higher at 25 sen on Friday, bringing the company a market capitalisation of RM455.04 million.