KUALA LUMPUR (Feb 21): IOI Properties Group Bhd recorded an 11% fall in net profit to RM273.53 million or 6.2 sen per share in the second financial quarter ended Dec 31, 2016 (2QFY17) from RM307.17 million or 8.16 sen per share a year ago, as the share of results from joint ventures decreased in the current quarter. In a filing with Bursa Malaysia today, IOI Properties said excluding the net fair value gain of RM121 million, the property developer's pre-tax profit for the current quarter was 26% higher than the year-ago period. Quarterly revenue rose 33.6% to RM1.19 billion from RM894.41 million in 2QFY16, driven by contributions from all business segments. "With our sizable land bank in strategic locations, a good delivery track record and our ability to adapt to market demand, the group is expected to perform well in the remaining financial period," IOI Properties chief executive officer Lee Yeow Seng said in the statement. IOI Properties shares closed up 6 sen or 2.9% at RM2.13 today, giving it a market capitalisation of RM9.17 billion.

Source: The Edge Markets February 21, 2017 11:48 UTC