IOI Properties Q4 net profit lower at RM47.94m, makes impairment losses | Malay Mail

Saturday, 29 Aug 2020 12:20 PM MYT

The Group recognised a fair value and impairment losses on investment properties of RM104.8 million in the current year quarter, mainly attributable to the office sub-segment due to challenging market condition caused by the Covid-19 pandemic, it said in a filing with Bursa Malaysia today.Net profit for the full financial year also declined to RM455.69 million compared with RM661.29 million previously, while revenue stood at RM2.11 billion versus RM2.19 billion before.

“To garner sales, we will also adopt aggressive sales and marketing strategies and implement innovative initiatives to enhance the customer experience. The Group remains optimistic on the longer-term prospects of its projects as its developments and assets are located at strategic locations with good infrastructure networks and amenities, and supported by experienced and professional management teams,” it said.

In Singapore, the construction progress of Central Boulevard development has been affected by the Circuit Breaker imposed by Singapore government since April 7, 2020.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European stocks end lower as Fed boost offset by resource losses | Malay MailFRANKFURT, Aug 28 ― European equity markets ended lower yesterday with resource stocks weighing the most, while an aggressive growth strategy from the US Federal Reserve was met with little fanfare locally. The pan-European STOXX 600 index closed down 0.6 per cent, with mining stocks ranking...
Source: malaymail - 🏆 1. / 86 Read more »