News by M

“The local council must take action and get the owners to clean their premises, failing which they should clean and charge them.”

“Unless you get conditional approval, we are unable to move into the next level of work, final designs, calculating the costs, and tendering the projects’ work components.”

The property developer attributed the decline in performance to the gains on disposal of a subsidiary and associate recorded in the previous year, as well as high impairment of inventories, negative contribution from its Battersea project, and a higher tax provision.

It attributed the improved performance to the full consolidation of Penang Port Sdn Bhd’s results, higher contribution from the Sungai Buloh-Serdang-Putrajaya mass rapid transit Line 2 (MRT2), no share of losses from Zelan Bhd and higher share of profit from Malakoff Corp Bhd.

The RM5.12 billion sales it achieved last year exceeded its initial target of RM5 billion. 

Revenue for FY18 was also lower at RM2.2 billion against RM2.92 billion in FY17.

The valuations are still ongoing, in light of the hotel’s strategic location as one of the main tourist spots and hotel zones in the centre of Kuala Lumpur.

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.

The group's tax expense for 4QFY18 stood at RM75.48 million compared with RM37.07 million a year ago. This resulted in lower earnings per share of 3.55 sen for 4QFY18 compared with 5.23 sen for 4QFY17.

“The land is not part of the forest reserve and belongs to the developer."