KUALA LUMPUR, Aug 23 (Bernama) — IOI Properties Group Berhad (“IOIPG”) achieved a revenue of RM715.9 million which is a 9% rise compared to the preceding year corresponding quarter in Q4 FY2022. The increase in revenue is underpinned by strong performances from the Group’s property investment and hospitality and leisure segments.
The Group’s property development segment recorded a revenue of RM561.1 million, a decrease by 3% compared to the preceding year corresponding quarter due to lower sales of properties in China. Notwithstanding the slower sales in China, its operating profit rose by 37% to RM228.1 million compared to the preceding year corresponding quarter. This is mainly attributable to higher profit contributions from IOI Palm City, China and higher sales of commercial properties in Malaysia.