KUALA LUMPUR (Nov 13): I-Bhd’s net profit for the quarter ended Sept 30, 2014 (3QFY14) leaped to RM14.23 million — a big leap from RM2.68 million in the previous corresponding quarter, due to higher recognization from project completion and sales.

Quarterly revenue doubled to RM77.39 million, from RM35.54 million in the same period a year ago; pre-tax profit was also significantly higher at RM17.42 million against RM3.69 million, its filing to Bursa Malaysia today read.

Earnings per share (EPS) surged to 6.23 sen for the quarter under review, from 1.17 sen previously.  

For the nine month period ended Sept 30 (9MFY14), I-Bhd's net profit expanded by 176.23% to RM39.75 million, from RM14.39 million, while revenue grew almost double to RM192.95 million, from RM96.49 million a year ago.

In a filing with Bursa Malaysia, I-Bhd said the property developer attributed the improved earnings to higher percentage of recognition for both the project completion and sales for i-Residence, i-SOVO, i-SOHO and i-Suites projects.

For its property investment, the company said the revenue and pre-tax profit also saw some improvement due to higher occupancy rate and a waiver of the service charges in the preceding quarter.

"For leisure division, the higher revenue and pre-tax profit are driven by commencement of the operation of the new attractions in the current quarter," it said.

However, it said the leisure segment recorded lower pre-tax profit for the 9MFY14, due to the higher pre-operating costs incurred for the new attractions during the first half of the current financial year.

Looking forward, I-Bhd is hoping the new attractions will come on stream before the final quarter of the financial year, to boost the leisure segment's performance.

"As for the property development division, the group has recently launched 'Liberty Tower', a fully furnished 350 units serviced apartment with Gross Development Value (GDV) of about RM178 million in the final quarter of current financial year," it said.

"Baring any unforeseen circumstances and based on the aforementioned factors, the board is confident that it would achieve better operating results for the financial year ending Dec 31, 2014," it added.

I-Bhd closed 1 sen higher at 72.5 sen, giving it a market capitalisation of RM507.39 million.