Property development continues to drive performance
Total sales value year to date for the Group is registered at RM2.19 billion, a 49% increase compared to the previous year corresponding period.
PETALING JAYA: IOI Properties Group Bhd (IOIPG), with three main business segments ie property development, property investment: and leisure and hospitality, posted a revenue of RM895.8 million for Q3 2017 - an increase of 39% compared to the same quarter of the preceding year.
After excluding a one-off additional buyer stamp duty with interest (“ABSD”) incurred for The Trilinq project in Singapore of RM163.9mil and the fair value gain on investment properties of RM7.4mil for the current quarter, the Group’s operating profit is RM125.0mil or 58% higher than the preceding year corresponding quarter (similarly excluding the fair value gain on investment properties of RM85.3mil and the gain from the bargain purchase for the acquisition of subsidiaries of RM71.1mil).
Segmental wise, all three segments of the Group saw improvements in revenue. Property development segment registered a 44% jump, property investment segment revenue increased 8%; and the leisure and hospitality segment recorded a 38% higher revenue increase, compared to the same quarter of the previous year.
The increase in revenue in the property development segment was mainly due to significant contributions from the Group’s overseas projects in Singapore and in Xiamen, People’s Republic of China namely D3 Residence; as well as the Group’s local township developments of Warisan Puteri@Sepang and IOI Resort City namely Conezion (a serviced residences 700 metres from IOI City Mall), it said in a statement.
The Group has recently launched Par 3, a 207 unit development of freehold condominiums surrounded by various amenities and leisure components ideally located at IOI Resort City.
Total sales value year to date for the Group is registered at RM2.19bil, which is a 49% increase compared to the previous year corresponding period.
The Group’s current year to date revenue rose by RM856.8 million, an increase of 40% to RM2,990.1mil. After excluding the ABSD of RM163.9mil and the fair value gain on investment properties of RM7.4mil, the Group’s operating profit jumped 35% to RM1,003.7mil compared to its preceding year corresponding period (similarly excluding the fair value gain on investment properties of RM85.3mil and the gain from the bargain purchase for the acquisition of subsidiaries of RM71.1mil).
“With our strong track record in delivery, product and service quality excellence, backed by solid financial capabilities as well as growth opportunities with a sizable land bank in strategic locations, the Group is strategically positioned to adapt well to market demand,” said IOIPG chief executive officer Lee Yeow Seng in a statement.
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