The land disposal contributed to revenue for the quarter rising 16.2% to RM362.7mil from the previous corresponding quarter despite weaker contributions from the hotel segment.
For the full year, revenue was RM215.14mil compared to RM165.03mil in the previous year while earnings fell to RM1.2bil from RM1.25bil a year earlier.
The group said its retail property investment segment, IGB REIT, registered higher revenue of RM518.3mil and segmental profit of RM340.6mil for the year on the back of higher total rental income, representing a year-on-year increase of 5.5% and 4.5% respectively.
The commercial segment of its property investment division recorded revenue of RM173.2mil, an increase of 7.8% over RM171.9mil recorded the previous year.
In property development, revenue rose 9.4% to RM102.3mil owing to the disposal of land.
The hotel division saw a 19.6% decline in revenue to RM324.1mil due to the disposal of three hotels, namely Cititel Express Kuala Lumpur, MiCasa Hotel Apartment, Yangon and Renaissance Kuala Lumpur Hotel.
“The segment profit of RM116.8 million for the financial year ended 31 December 2017 was lower compared to the preceding year of RM199.7 million due to the one off gain on the disposal of Micasa Hotel Apartment, Yangon,” the group said in its filing with the stock exchange.
No dividend was declared for the quarter under review, which brought total dividends declared for the financial year to two sen per share.