KUALA LUMPUR: PublicInvest Research said IGB COrp Bhd 's fourth quarter earnings of RM86.7mil, nearly double that of the year-ago quarter, were strong due to a one-off gain from a land sale during the quarter.

However, excluding the disposal gain of RM27.3mil, FY17 net profit of RM313.6mil was slightly below its full year estimates due to lower profits from the other operating divisions.

Pending IGB's delisting in March due to a proposed acquisition by GoldIS, PublicInvest Research said its target price is not relevant but reiterates that its most recent recommendation is Neutral with a target price of RM3.

"We are still positive on the Group’s prospects under the new group structure, which we will address in due course," it said.

The research firm noted that IGB's new mall in Johor, called Mid Valley Southkey, is expected to be unveiled in August this year with works in its advanced stage. 

It added that completion of Soouthpoint Tower in Mid Valley has been delayed to 1H2018 due to product mix changes to convert some office space into residential components.

And as for property development, the 18 Blackfriars mixed development in London is now slated to be launched in 1H2018 due to slower-than-expected approvals.