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KUALA LUMPUR: Malaysia Pacific Corporation Bhd recorded a 2Q net loss of RM4.745 million, compared to a net loss of RM3.258 million a year ago in its financial statement ended Dec 31, 2010, it announced on Friday, Feb 18.
Revenue earned dropped by 17.4% to RM2.424 million from RM2.935 million the previous year.
The group said it anticipated the low results but believe this is temporary. "The Lakehill Resort City and the APTEC City, prime catalytic development projects in Iskandar Malaysia, Johor, will be the company's largest investment and contribute in the medium and long term business plan and strategy," it said.
Malaysia Pacific's revenue comes from rental income of Wisma MPL, Jalan Raja Chulan. The rental income is low due to the age of the building (33-years) and needs major renovation to upgrade it to a "AAA" rating from its current "A" rating, the group said. Moreover, the reduced revenue was owed to five-floors vacated by a tenant at the end of its tenancy.
The basic loss per share for the quarter under review is 2.46 sen from a loss of 1.89 sen last year. The net assets per share dropped to RM1.23 from RM1.26 the preceding financial year end.
Malaysia Pacific is an investment holding company that engages in the letting of investment properties in Malaysia. The company also involves in the development of residential and commercial properties; construction of buildings; property co-development; and trading activities.
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