IOI Properties Group Berhad registered a revenue of RM687.9 million for the first quarter of financial year 2025 ("Q1 FY2025") which ended on 30 September 2024. Although the Property Development segment saw a 21% decline in revenue, the weaker performance was offset by the strong performance of the Property Investment segment, which continued its growth trajectory of 52%.
Profit before tax ("PBT") in Q1 FY2025 declined by 41% to RM133.7 million as compared to the RM225.5 million reported in Q1 FY2024. PAT was also weaker at RM69 million compared to RM174 million in Q1FY24.
The weaker performance was primarily attributed to the interest costs from IOI Central Boulevard Towers, which were expensed out in the profit and loss statement after partially receiving its temporary occupation permit. Nonetheless, the higher interest costs were moderated by the improved performance of the Property Investment and Hospitality & Leisure segment.
In Q1 FY2025, the Property Development segment achieved sales of RM331.7 million where local projects contributed RM323.2 million, accounting for 97% of the total sales. In Malaysia, sales were primarily driven by the Klang Valley region at RM217.6 million. Over at the Johor region, the registered sales of RM99.8 million was primarily attributed to the vibrant townships of Bandar Putra Kulai and Taman Kempas Utama.
