KUALA LUMPUR (May 18): I-Bhd reported a RM10.24 million net profit for the first quarter ended March 31, 2015 (1QFY15), a 68% increase from RM6.1 million a year earlier. Profit growth came mainly on higher income from property development.

In a statement to the exchange today, I-Bhd (valuation: 2.4, fundamental: 3) said group revenue was higher at RM75.35 million, compared with RM44.91 million.

I-Bhd said property development revenue and profit rose on "higher percentage of recognition" for project completion, as well as on-going project sales.

“The group has now reached a stage where property development will continue to be the major contributor to the group. In Q1 2015, the group launched the “Parisien Tower”, while the launch of the “Hyde Tower” is planned for the second half of the year.” I-Bhd said.

Other than property development, the group attributed its 1QFY15 revenue growth to contribution from its Leisure Park and Best Western i-City Shah Alam hotel.

I-Bhd said it expects both the leisure and property development segments to contribute positively to its FY15 performance.

At 2:34pm, I-Bhd shares rose 2.5 sen or 4% to 63 sen, for a market capitalisation of about RM613.5 million.

I-Bhd's share price compares to its latest reported net assets per share of RM1.04.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)