KUALA LUMPUR, Feb 25 — IOI Properties Group Bhd’s net profit slipped to RM125.72 million in the second quarter ended Dec 31, 2021 (Q2 FY2022) from RM170.98 million in the same period last year after taking a fair value loss of RM98.4 million attributed to IOI Mall in Xiamen, China.

In a statement with Bursa Malaysia today, the property developer said revenue however expanded to RM704.83 million from RM591.34 million, backed by the improved financial performance across all its business segments in property development, property investment, and hospitality and leisure.

For the cumulative six months ended Dec 31, 2021 (H1 FY2022), the property developer recorded a lower net profit of RM334.54 million from RM363.08 million in H1 FY2021, while revenue eased to RM1.14 billion from RM1.25 billion previously.

On its outlook, chief executive officer Datuk Voon Tin Yow said the property industry is likely to recover in tandem with the overall economic recovery of Malaysia.

"We anticipate stronger recovery of the nation’s economy in 2022, aided by the continuous expansion in domestic and global demand for goods and services,” he said.

On the international front, IOI Properties said the ongoing construction of IOI Palm International Parkhouse in Xiamen is due for completion in Q2 FY2023.

"Together with IOI Palm City, both these residential developments will contribute to the group’s financial performance in the coming quarters,” it said.

Meanwhile, to mitigate the impact from the rising cost of building materials, IOI Properties said it had formed a new business unit mainly involved in sourcing and supplying building materials.

 No dividend has been declared for the quarter under review. — Bernama