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Wednesday, May 26, 2010

IGB to expand hospitality division

Property developer IGB Corporation Bhd is looking to aggressively expand its hospitality brand locally and abroad this year.

Group Managing Director Robert Tan Chung Meng also said the group has changed its focus from property development to property investment, due to the strong recurring income.

"We are reviewing several proposals and are in discussions for possible hotel projects in countries such as Japan, China, as well as the Indochina market," he told reporters after the company's annual general meeting on Wednesday.

Tan said, the company would be opening its three-star, St Giles Hotel Makati in Manila, in three weeks time. The hotel has more than 500 rooms.
He highlighted that the cost of the project was more than US$30 million.

With several hotel properties coming on-stream this year,the overall rooms inventory will increase to 5,900, with 4,400 under its management.

The group's pre-tax profit for the financial year ended March 31, 2010 rose to RM58.3 million from RM54.01 million in the same period last year.

However, revenue decreased to RM156.13 million from RM165.5 million previously.

By Bernama

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