Iconic Worldwide posts improved quarterly performance

CORPORATE NEWS

KUALA LUMPUR: Iconic Worldwide Bhd posted a net profit of RM2.77mil for the third quarter ended Dec 31, 2019 (Q3FY2020), compared with a net loss of RM1.91mil posted in the same period last year.

The tourism and property development group saw its revenue recorded an 84.02% increase to RM8.28mil from RM4.5mil in previous corresponding quarter.

“The positive financial performance is mainly due to the recognition of revenue from the property development segment which commenced construction in December 2019,” Iconic said.

For the cumulative nine-month period ended Dec 31, 2019, Iconic Worldwide’s revenue and net profit stood at RM13.33mil and RM4.67mil respectively, setting Iconic Worldwide on track to record its first profitable financial year in 14 years.

Managing director Datuk Tan Kean Tet said that the company is doing some restructuring to cease its loss-making businesses, while focusing on others that have higher potential.

“The company is optimistic that it is moving in the right direction and will be able to accelerate its turnaround prospects much earlier than anticipated given the financial performances and results for the current financial year.

“By the next quarter, the company’s property development segment’s performance shall also reflect better from higher revenue recognition,” he said.

On Sept 10, 2019, Iconic Worldwide had fully sold its maiden property project Iconic Point within a two-day soft launch. Iconic Point is a mixed development project located at Simpang Ampat, Seberang Perai and is worth RM127.81mil in gross development value (GDV).

Sprawling across 8.7 acres, Iconic Point will feature 49 units of modern semi-detached & detached shop offices with individual shared lift. There will also be 3 drive-thru F&B outlets with tenants such as Starbucks and McDonald’s.

https://www.thestar.com.my/business/business-news/2020/11/25/iconics-2q-net-profit-surges-to-rm3mil

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