I-Bhd’s 3Q18 profit fell 20.64% to RM5.69m

by TMR

I-Bhd’s net profit for the third quarter ended Sept 30, 2018 (3Q18) fell 20.64% year-on-year (YoY) to RM5.69 million on lower revenue which fell 19.45% YoY to RM60.66 million as a result of a weaker property development segment.

In an exchange filing yesterday, I-Bhd noted the property development segment’s revenue was lower as its Hill10 project launched during the comparative quarter received very good response.

In addition the i-Suite, Liberty, Parisien and Hyde developments have also contributed to the higher revenue in the corresponding quarter.

The company expects a challenging market ahead for the property development segment amid the consolidation of both national and global economy, and thus, intends to adopts a cautious approach.

I-Bhd’s unbilled sales as at 3Q18 stood at RM160.7 million as compared to RM305.4 million as at 2Q18.