30 May 2018, Wednesday, i-City – I-Berhad continued to show improved performance going into 2018, with the Q1 2018 revenue of RM159.3 million being 47% higher compared to that of the corresponding period last year while the profit before tax of RM25.0 million for the quarter was sustained at the same level as that for the previous period following the adoption of the new accounting policy pursuant to Malaysian Financial Reporting Standards requirements.
“The Group has continued to grow profitably over the years and remains confident with our growth prospects despite the lackluster operating environment. This is solidified by the growing demand in our higher-end King of the Hill – 8Kia Peng @KLCC project in downtown Kuala Lumpur City Centre.” comments Tan Sri Datuk Lim Kim Hong, Executive Chairman of I-Berhad.
“Focus for this year will continue to be on the sales of properties in i-City, while stepping up on the sale of 8Kia Peng @KLCC which is now seeing very strong traction. In addition, we expect to complete and hand-over Liberty Tower, Parisien Tower and Hyde Tower in Q3 2018. Furthermore, we are also preparing ourselves for new launches by 2019 in which the prolonged weakness in the property market should start to ease up.”
In terms of segment performance, Property Development segment remains the largest revenue contributor for Q1 2018 with RM147.9 million being recorded, or 93% of the Group’s revenue, while the Leisure segment chipped in with RM9.7 million in revenue, or 6% of Group revenue.
It is worth to note that 2018 will be an exciting year for the Property Investment segment with the imminent completion and opening of the Central i-City shopping centre this coming November.
The Group’s unbilled sales as at 31 March 2018 stood at RM272.8 million and is expected to grow in tandem with the sales of the 8Kia Peng @KLCC project which is expected to contribute positively toward this in the year or two ahead to underpin earnings visibility.
Tan Sri Lim opines, “The Group’s investment merits and consistent delivery of strong financial performances are still being largely underappreciated despite most properties being fully sold during times when market conditions were getting increasingly challenging.”
“The landscape of i-City has changed amicably for the past 5 years. We are also excited over what the future holds with the rapid development of i-City as we embark on our subsequent 5-year journey to complete the transformation of the 72-acre Ultrapolis development it was master-planned to be. Definitive plans will be revealed soon,” adds Tan Sri Lim.
I-Berhad’s AGM is scheduled on 26 June 2018.
Developed by I-Berhad, i-City is a 72-acre freehold Ultrapolis located along the Federal Highway with a direct flyover access. Envisioned as a intelligent city by Tan Sri Lim Kim Hong, i-City is an international business hub by day and lifestyle “haven” by night with commercial, residential and leisure activities.
Its property development component comprises of corporate towers, cyber office suites, serviced residences, hotels, data centres and a 1.5 million sq ft Central i-City shopping mall (slated to open in 2018) jointly developed with Central Pattana Group of Thailand.
i-City is a MSC Malaysia Cybercentre certified development, a world reference site for Cisco’s Smart+Connected Community (CSCC), endorsed as a Tourism Destination by the Ministry of Tourism and Culture as well as declared an International Park by the Selangor State Government.
For more information, please contact Ms Tang Soke Cheng at 03-5521 8800 / 8886; Email: pr@localhost; Fax: 03-55218806