Ivory Properties Group Berhad announced that Mr. Lee Chin Aik who has been promoted as Personal Assistant to the Group Chief Executive Officer will relinquish his position as Chief Financial Officer and take on his new role with effect from 1 May 2013.

Ivory Properties Group Berhad announced the appointment of Tan Leng Hin as Chief Financial Officer with effective from May 2, 2013. Mr. Tan started his career in 1994 in one of the big 4 audit firms in Penang and left in 2004 as an Audit Manager. Subsequently, he joined other reputable property development companies in Penang taking up the posts of Group Financial Controller and Financial Controller for approximately 9 years before joining the Ivory Group. As Financial Controller he was primarily in charge of finance, accounting, treasury and taxation.

Ivory Properties Group Berhad reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported loss attributable to owners of the company of MYR 427,000 or 0.10 sen per basic share on revenue of MYR 92,019,000 compared to profit attributable to owners of the company of MYR 5,702,000 or 3.06 sen per basic share on negative revenue of MYR 5,750,000 for the last year. The company reported results from operating activities of MYR 6,728,000 compared to MYR 5,683,000 and profit before tax of MYR 706,000 compared to MYR 7,364,000 for the last year. A lower profit before tax in the current quarter was due to the increase in operating expenses in respect of overhead arising from acquisition of Ivory Villas Sdn. Bhd. followed by the full-force operation of the all-new Soju Room. For the year, the company reported profit attributable to owners of the company of MYR 32,186,000 or 8.83 sen per basic share on revenue of MYR 211,773,000 compared to profit attributable to owners of the company of MYR 24,464,000 or 13.15 sen per basic share on revenue of MYR 132,543,000 for the last year. The company reported results from operating activities of MYR 44,160,000 compared to MYR 24,132,000, profit before tax of MYR 35,376,000 compared to MYR 31,069,000, net cash used in operating activities of MYR 38,327,000 compared to net cash from operating activities of MYR 6,977,000 and purchase of property, plant and equipment of MYR 14,507,000 compared to MYR 12,048,000 for the last year.