IOI Properties Q2 earnings jump 6% on higher take-up

IOI Properties Q2 earnings jump 6% on higher take-up

PETALING JAYA, Feb 26: IOI Properties Group Bhd saw its second-quarter net profit jump 6% on mainly higher sales take-up of its property development projects during the quarter.

The group made a net profit of RM307.2 million for the financial quarter ended Dec 31, 2015, compared to a net profit of RM289.3 million for the same quarter in 2014.

After excluding fair value gain on investment properties of RM178.3 million in the preceding year corresponding quarter, the group’s operating profit of RM319.2 million for the current year quarter under review is RM148.6 million or 87% higher than the preceding year corresponding quarter.

Revenue and operating profit of RM778.9 million and RM269.2 million respectively for the current quarter under review represented a respective increase of RM406.8 million or 109% and RM128.7 million or 92% over the preceding year corresponding quarter.

The increase in both revenue and operating profit are mainly contributed by higher sales take up rates in Trilinq project, Singapore, the recent launch of its two townships, Bandar Puteri, Bangi and Bandar Puteri, Warisan, Sepang and the 2nd phase residential properties in IOI Palm City, Xiamen coupled with steady increase in progress works from all on-going development projects.

This was on almost double the revenue of RM894.4 million for the quarter, compared with RM448.3 million for the corresponding quarter in 2014.

Net profit for the six month period ended Dec 31, 2015, was 11% higher at RM422.6 million, compared with RM381.3 million for the same period in 2014.

Revenue was also 82% higher at RM1.5 billion for the first half of the financial year, compared with RM823.8 million for the same period in 2014.

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