KUALA LUMPUR: I-Berhad saw its earnings rise by 50% to RM15.36mil in its first quarter ended March 31, 2016, boosted by further sales in its property development segment.
The sales, it said, was seen mostly from its existing projects such as i-SOHO, i-Suite, Liberty and Parisien Towers.

The developer also saw revenue for the quarter increase by 6.78% to RM80.45mil, and posted an earnings per share of 1.45 sen.

In its announcement to Bursa Malaysia on Wednesday, the group said it had also seen an increase in profit before tax in its Leisure segment, due to higher pre-opening expenses from Best Western i-City in the first quarter of 2015, while in Q1 2016, the hotel has generated positive returns.

I-Berhad said it is confident of achieving greater operating results for the current financial year ending December 31, 2016.

Its unbilled sales as at March 31, 2016 has grown to RM743.0mil as compared to RM552.5mil a year ago.

“The Board expects that the unbilled sales will continue togrow as seen from the encouraging sales of the Group’s on-going projects and the recent launch of the Hyde Tower.

“By end of the year, the Group is expecting to complete and handover i-SOHO project to the purchasers thereby translating at least one-third of the existing unbilled sales to the Group’s revenue solely by this project.

“As the construction progresses, the Board expects the existing as well as the continuous build-up of sales commitment to translate to higher revenue to the Group in the future,” it said.