IOI Properties 2Q Net Profit Slips To RM94.78 Mln
KUALA LUMPUR, Feb 26 (Bernama) -- IOI Properties Group Bhd (IOIPG) registered a lower net profit of RM94.78 million in the second quarter of its financial year ending June 30, 2025 (2Q FY2025) against RM121.50 million in 2Q FY2024.
Revenue, however, increased to RM729 million versus RM606.90 million previously, mainly driven by improved performance in the property investment and hospitality and leisure segments, it said in a filing with Bursa Malaysia today.
For the first half of FY2025, the group's net profit fell to RM163.95 million from RM295.94 million in the same period a year ago, while revenue rose to RM1.42 billion from RM1.25 billion previously.
In a separate statement filed with Bursa Malaysia, IOIPG noted that the softer performance was primarily attributed to the interest expense from IOI Central Boulevard Towers in Singapore.
"Nonetheless, the impact of the higher interest expense was moderated by the stronger performance of its property investment and hospitality & leisure segments.
"This performance underscores the resilience of the group’s diversified portfolio, which enables it to sustain its performance amid global economic uncertainties.
IOIPG group chief executive officer Lee Yeow Seng highlighted that the declining interest rates outlook bodes well for the group, despite lingering economic uncertainty.
"Our diversified product offerings across three countries, sizeable recurring income stream from our established property investment portfolio, and the positive outlook of the hospitality and leisure segment will provide the group with a strong foundation to ensure sustained earnings ahead," he said.
Looking ahead, Lee noted that the company will continue to monitor the market and review the timelines of its launches to strike a balance for positive take-up rates while maintaining sustained earnings.
Additionally, the group is seeing growing demand for IOI Industrial Park Iskandar Malaysia following the signing of the Johor-Singapore Special Economic Zone (JS-SEZ).
"Other than that, the group has received multiple interest for an industrial park in the Klang Valley, specifically for IOI Industrial Park Banting.
"We will continue to evaluate and capitalise on emerging opportunities by strategically aligning our offerings with evolving market demands,” he added.
-- BERNAMA