Previously i was overweight so i started a weight loss diet and workout for the past 3 months.Managed to drop from 88kg to 76kg. Now i`m thinking about body-building.
Is it possible to build muscle and at the same time burn fat coz my ideal body weight is supposed to be around 72kg. Should i continue my weigh loss
diet till i hit 73kg and then start body-building. Its hard to do weight training on my current diet due to lack of energy.

It's possible, but it's not easy to do. Just continue cutting until you're satisfied with your bodyfat. And don't stop the weight training, it'll help with your fat loss.