IGB’s Fourth Quarter Earnings Down 14.3%


IGB’s Fourth Quarter Earnings Down 14.3%

PETALING JAYA, 22 February: IGB Corp Bhd reported a 14.3% drop in net profit to RM43.99 million for the fourth quarter ended Dec 31, 2016 from RM51.31 million in the same quarter a year ago, due to higher taxes and administrative expenses.

Revenue declined marginally by 0.6% from RM284.62 million to RM282.87 million, owing to lower contributions from the property development, property investment – commercial and hotel divisions.

The group has proposed to declare an interim dividend of 5 sen per share for the quarter under review.

IGB’s full-year net profit, however, rose 37.4% from RM216.9 million to RM297.99 million on the back of a 1.4% drop in revenue from RM1.17 billion to RM1.15 billion.

While revenue contribution from the property development division decreased 40% to RM93.6 million and property investment – commercial division – fell 4% to RM122.9 million, these decreases were mitigated by higher contribution from the other operating divisions, namely property investment – retail, hotel and investment divisions, which stood at RM493.5 million, RM379.7 million and RM60.6 million, respectively.

In a filing with the stock exchange, IGB said it expects 2017 to continue to be a challenging year in view of the uncertainties in the global as well as local economic climate.

It is cautiously optimistic that its performance in FY2017 will be satisfactory.


Sign up and stay updated
Get the latest property news, home solution tips, interior design ideas and property guides.
By subscribing, you consent to receive direct marketing from iProperty.com Malaysia Sdn Bhd (iProperty), its group of companies and partners. You also accept iProperty’s Terms of Use and Privacy Policy including its collection, use, disclosure, processing, storage and handling of your personal information.