News by Hailey Chung

Property developer Kerjaya Prospek Group Bhd, saw its net profit for the third quarter ended Sept 30, 2022 (3QFY2022) rise 19.1% to RM28.81 million from RM24.18 million a year earlier, mainly due to improvement in progress of construction work activities and profit margin.

Property developers in Peninsular Malaysia reported a 26% decline in unit launches and a 5% sales drop in the first half of 2022 (1H2022) from the second half of last year (2H2021), according to Real Estate and Housing Developers’ Association (Rehda) Malaysia.

Ivory Properties Group Bhd, which is based in Penang, announced on Tuesday (Sept 27) that a third subsidiary has defaulted on a loan payment, this time for a sum of RM39 million to Malayan Banking Bhd (Maybank), which was raised to part finance the purchase of land for a project.

Eupe Corporation Bhd said it expects its financial results to rebound by the year ending Feb 29, 2024 (FY24), noting that its current project development pipeline is double pre-pandemic levels.

The Malaysia Budget and Business Hotel Association (MyBHA) said it disagrees with and refutes Airbnb Inc's claim that Penang's proposed law on short-term rental accommodation (STRA) may affect, among others, the Malaysian tourism industry and Penang's economic growth as the proposed law will instead show that the country has laws to protect all parties within the tourism sector.

KLCC Stapled Group's net profit for the second quarter ended June 30, 2022 (2QFY22) rose 14.69% to RM165.18 million, from RM144.01 million a year ago, as revenue grew 25% to RM350.31 million from RM280.17 million.

KIP Real Estate Investment Trust (KIP REIT)’s net property income (NPI) for the fourth quarter ended June 30, 2022 (4QFY22) dropped 5.8% to RM14.2 million, down from RM15.08 million a year ago, due to higher utilities expenses and lower gross revenue.

Tenaga Nasional Bhd (TNB) said on Wednesday (July 27) that the goverment-controlled utility had at 3.02pm fully restored electricity supply in areas across Peninsular Malaysia affected by a power outage since 12.39pm, due to a damaged equipment within the main power intake substation in Yong Peng, Johor.

The company aims to raise funds for the acquisition or refinancing of borrowings for the acquisition of new head office, performance bonds or cash deposits for construction projects, as well as working capital and listing expenditures.

BDB said the division posted a pre-tax loss of RM3.9 million in the current quarter under review compared with a pre-tax profit of RM700,000 a year ago, due to lower margins from construction activities and road paving works.