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IGB Bhd 1Q net loss at RM8m versus RM18m net profit a year earlier

2021-05-28T11:07:56-04:00May 28th, 2021|
IGB Bhd sinks into 1Q net loss on MCO

KUALA LUMPUR (May 28): IGB Bhd sanked into a first quarter net loss of RM7.96 million against a net profit of RM17.68 million a year earlier, as the property development and investment company’s revenue fell due to the adverse effect of Malaysia’s Covid-19-driven movement control order (MCO) to curb the spread of the pandemic.

In a filing with Bursa Malaysia today, IGB REIT said revenue decreased to RM234.62 million in the first quarter ended March 31, 2021 (1QFY21) from RM291.42 million a year earlier, due to lower contribution from among others, the group’s commercial and retail property investment segments and hotel operations.

“The (group’s) results were adversely affected by the current MCO, whereas during the corresponding period last year, the MCO started from 18 March 2020,” IGB Bhd said.

(More to come)

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