KUALA LUMPUR (Nov 28): In the absence of land sale gain, Iskandar Waterfront City Bhd’s (IWCity) net profit plunged to barely RM449,000 for the third financial quarter ended Sept 30, 2018 (3QFY18) compared with RM88.39 million in 3QFY17, according to its filing to Bursa Malaysia this evening.

Quarterly revenue was also sharply lower at RM18.67 million, down 91.4% from RM217.12 million in the previous corresponding quarter which was boosted by the the land sale.

For the nine months ended Sept 30, 2018 (9MFY18), IWCity, which is controlled by Tan Sri Lim Kang Hoo, reported a net loss of RM8.18 million from a net profit of RM32.26 million in 9MFY17, which was again attributed to the land sale recognition in 9MFY17.

Revenue for 9MFY18 fell by 71.8% to RM68.69 million from RM243.7 million in 9MFY17.

The group registered a loss per share of 0.98 sen in 9MFY18,  from earnings per share of 3.95 sen in 9MFY17.

Barring any unforeseen circumstances, the group expects a satisfactory performance for the remaining period of the financial year.

IWCity shares were once well sought after by investors for its potential to participate in the development of Bandar Malaysia, trading at above RM3 early last year. It dropped one sen today to close at 47.5 sen with a market capitalisation of RM397 million.