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Monday, August 18, 2008

IOI Prop profit dips slightly

IOI Properties Bhd has registered a pre-tax profit of RM550.183 million for its financial year ended June 30 2008, a one per cent decline from RM555.174 million a year ago.

Its turnover, however, rose 12 per cent to RM787.9 million from RM704.87 million previously, IOI Properties said a statement today.

According to the group, the financial performance was mainly driven by sales of shop offices and a pick-up in demand for residential properties in its township developments.

It also benefited from higher incidental palm oil profit from its land bank as well as gained about RM24.2 million from the disposal of non-current assets.

IOI Properties said the current year pre-tax profit included a gain of RM115.1 million (2007: RM134.9 million) arising from revaluation of investment properties.

“Barring unforeseen circumstances, the group’s operating performance for the current financial year is expected to continue to be satisfactory,” it said.

By Bernama

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