IOI Properties Group Bhd’s net profit for the second quarter ended Dec 31, 2020 declined to RM170.97 million compared with RM213.88 million recorded in the same quarter a year ago.
Revenue however rose to RM591.34 million from RM564.13 million, the group said in a filing with Bursa Malaysia on Monday.“The group recorded an operating profit of RM217.3 million in the current year quarter, which is RM7.6 million or 3% lower than the preceding year corresponding quarter. “The decrease in operating profit is mainly due to lower performance from the property investment, hospitality, and leisure segments as a result of re-imposition of the conditional movement control order by the government to curb Covid-19 pandemic,” it said.
Meanwhile, it said the decrease in net profit was mainly due to lower profit contribution from the aforementioned segments, coupled with lower share of results of joint-ventures due to lower sales and hotel performance in the current year quarter as a result of Covid-19 pandemic. – Bernama