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KUALA LUMPUR: Y&G Corporation Bhd has posted a net loss of RM821,000 for the third quarter (3Q) ended Sept 30, 2010, from a net profit of RM465,000 a year ago underpinned by lower revenue and loss on disposal of property, it announced to Bursa Malaysia.
In a filing to Bursa on Thursday, Nov 18, the group had registered a 43.8% decline in revenue to RM7.15 million from RM12.73 million a year ago, due to relatively lower construction activities this quarter compared with a year ago.
The group's disposal of a charged property owned by unit Nikmat Bidara Sdn Bhd via an auction by Hong Leong Bank Bhd for RM520,000, following the bank's compromised settlement offer giving rise to a loss of RM719,000 for the current financial year, it said in notes accompanying the results.
Year-to-date, the group posted a net profit of RM591,000, 16% lower than RM 712,000 a year ago on the back of a slight dip in revenue to RM28.7 million from RM29.5 million.
Y&G expected its revenue to grow for the financial year ending Dec 31, 2010 given that the property development and construction market is in a sustainable state.
In a filing to Bursa on Thursday, Nov 18, the group had registered a 43.8% decline in revenue to RM7.15 million from RM12.73 million a year ago, due to relatively lower construction activities this quarter compared with a year ago.
The group's disposal of a charged property owned by unit Nikmat Bidara Sdn Bhd via an auction by Hong Leong Bank Bhd for RM520,000, following the bank's compromised settlement offer giving rise to a loss of RM719,000 for the current financial year, it said in notes accompanying the results.
Year-to-date, the group posted a net profit of RM591,000, 16% lower than RM 712,000 a year ago on the back of a slight dip in revenue to RM28.7 million from RM29.5 million.
Y&G expected its revenue to grow for the financial year ending Dec 31, 2010 given that the property development and construction market is in a sustainable state.
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