News by Adam Aziz

IOI Properties said the increase in profit was largely derived from higher contribution from its property development projects in China, and higher share of profit in joint ventures arising from the sale of South Beach Residences in Singapore.

Revenue more than doubled to RM752.79 million from RM303.29 million in the same period last year, largely due to the partial settlement of the group's Conservatory and Aurora Melbourne Central development projects in Australia, in addition to the completion of land sale worth RM82.1 million to Kimlun Corp Bhd.

The weaker performance was due to a 30.7% jump in cost of sales to RM168.89 million from RM129.26 million, while revenue retreated 8.6% to RM148.18 million from RM162.17 million.

Earlier today, Finance Minister Lim Guan Eng reportedly said the government is "hopeful" that the ECRL can be revived at a lower price, pending a decision from the ongoing discussion with China by April.

The contract from Tenaga Nasional Bhd is to build TNB headquarters campus development (Phase II) in Jalan Bangsar.

Mohamad Sabu said the rumour was a ploy by opposition parties to shift public attention away from their leadership crisis and "investigations against some of their leaders".

The project is termed Project Platinum Main Building.

A Chinese daily, quoting a source, said the decision was made by the Cabinet at its weekly meeting yesterday. However, the compensation was not discussed as it is understood that the government is still in discussion with CCCC on the matter.

It was reported that CCCC was instructed to stop all construction works and services regarding the ECRL project by Finance Minister Lim Guan Eng on July 3 last year until further notice, pending a review.

Sunway said the land will be acquired by a proposed new joint venture (JV) company to be incorporated, in which Hoi Hup and SDPL will have an equity interest in the proportion of 65:35. SDPL’s cost of investment in the JV is S$65 million.