IOI Corp hit by impairment for Singapore project

KUALA LUMPUR: IOI Corp earnings for the fourth quarter ended June 30, 2009 (4Q09) fell 18.4% to RM487.07 million compared with RM597.28 milion a year ago after it was affected by an impairment loss of RM242.8 million recognised on a development property in Singapore.

The PLANTATION []-based company said on Aug 26 it was also affected by lower profit contributions from its plantations and manufacturing business.

IOI reported a pre-tax profit of RM612.8 million for 4Q09, which is 28% lower than RM856.1 million reported for 4Q08. "Excluding the impairment loss, the group's pre-tax profit is RM855.5 million which is about the same level as 4Q08 results," it said.

The board declared a third interim single tier dividend of 20% or 2.0 sen per ordinary share of 10 sen each for FY09 which is not
taxable in the hands of the shareholders.

Revenue was RM3.12 billion comapred with RM4.56 billion. Earnings per share were 8.21 sen compared with 9.91 sen.

For the FY ended June 30, it reported net profit of RM983.52 million, down 56% from the RM2.23 billion in the FY09. Revenue was slightly lower at RM14.6 billion compared with RM14.66 billion.