KUALA LUMPUR: Ibraco Bhd registered a net profit of RM2.85 million for its first quarter ended March 31, 2011 (1Q2011), compared to a net loss of RM1 million the previous year on higher revenue.

Its revenue surged to RM19.38 million the same quarter, from RM68,000 a year earlier, on the profit recognised from the current development project and sales of inventories whereas, the revenue for the corresponding quarter was generated from landscaping and maintenance works.

The group plans to launch more projects comprising mainly residential properties in FY2011, and it would continue to monitor the market demand and adopt a prudent and cautious approach with respect to any new launches in the short term.

"The take up rates and physical progress achieved for on-going projects is likely to enable the group to achieve the projected financial results for financial year ending Dec 31, 2011," it added.

Its basic earnings per share was 2.47 sen. No dividend was declared.

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