YNH Property’s loss attributable to ordinary equity shareholders narrows to RM1.27m in quarter ended March 31

• The company is changing its financial year-end to June 30 from December 31, due to the change in internal operations.

KUALA LUMPUR (May 31): Property developer YNH Property Bhd’s loss attributable to ordinary equity shareholders narrowed to RM1.27 million for the quarter ended March 31, from RM4.68 million in the previous quarter ended Dec 31, 2022.

Loss per share for the quarter ended March 31 stood at 0.24 sen.

The company is changing its financial year-end to June 30 from December 31, due to the change in internal operations. Therefore, there are no comparative figures in the preceding quarter available, according to its Bursa’s filing.

It is worth noting that while the company recorded a profit for the period amounting to RM2.21 million for the quarter ended March 31, a distribution to holders of perpetual securities amounting to RM3.48 million left ordinary equity shareholders with a loss of RM1.27 million.

In its balance sheet, sits perpetual securities amounting to RM345.92 million that are classified under equity.

Profit for the period in the quarter ended March 31 was 63% higher compared to the immediate preceding quarter, which recorded a profit of RM1.36 million. This is due to a higher tax provision recognised during the previous quarter of the financial year, with certain expenses not tax deductible.

Meanwhile, YNH’s revenue stood at RM34.22 million for the three months ended March 31. This was lower than the immediate preceding quarter’s revenue of RM51.58 million.

Moving forward, the group noted that the local and global economic climate remained challenging due to uncertainties in construction material prices and labour supply shortage.

Nevertheless, the stimulus package announced by the government, including the re-introduction of the house ownership campaign, will make home ownership more affordable.

“As such, the board is cautiously optimistic that demand for property will be sustainable, given the strategic location and correct pricing of our properties.”

Its counter closed one sen or 0.20% higher to RM4.89 on Tuesday (May 30), valuing the group at RM2.59 billion.