IOI Properties shares continue to fall despite higher profit for Q1

Kuala Lumpur

IOI Properties fell five sen to RM2.34 on Wednesday, despite announcing the day before a 64 per cent increase in net profit for the first quarter to end-September.

IOI Properties has lost 4 per cent since it proposed a cash call last week to fund its Marina Bay land acquisition. Analysts said the cash call exercise would result in earnings dilution and share price consolidation in the short to medium term.

For July to September, the Malaysian developer registered a profit of RM190 million (S$62 million), from RM115.5 million for the same quarter last year. Revenue was also higher at RM900 million (RM595 million before) on improved sales in…