I-Berhad, the master developer of the 29.14-hectare i-City ultrapolis, saw its pre-tax profit double to RM16.8 million in first nine months ended Sept 30, 2013 from RM8.12 million in the same period last year.
Revenue in the period under review jumped 168.8 per cent to RM96.5 million from RM35.9 million previously.
This came on the back of a rise in bookings and sales transactions from ongoing property projects, namely i-Residence, which was 95 per cent sold; i-SOVO (small office, versatile office) which was fully sold; and i-SOHO (small office, home office) Phase 1 which recorded 50 per cent sales.
In a statement today, it said the property development division contributed RM59.9 million or 62 per cent of group revenue for the year-to-date.
I-Berhad Group deputy chairman Datuk Eu Hong Chew said i-Residence had unbilled sales of RM150 million as at September 30, 2013, while i-SOVO's unbilled sales stood at RM30 million.
"From now till the completion of both projects next year, we expect i-Residence sales revenue to be in the region of RM20 million to RM25 million per quarter while that of i-SOVO at RM10 million to RM15 million per quarter," he said.
The contribution from i-SOHO was still small as the construction was just at the foundation stage but the group expected this development to make a bigger contribution next year, he added.
The third quarter results were in line with the group's plan to make property development as its main revenue and profit contributor in the coming years, said Eu.
The contribution from the property development division was expected to grow as new projects kick-off, he said.
"The group's total gross development value of ongoing projects as well as those to be launched within the next six months currently stands at RM1.89 billion," Eu said.
"The company is financially sound with zero gearing, its much-awaited property projects have come to fruition, dividend policy is here to stay, and it has in place a list of projects to see it through to 2020," he added
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