According to China Communications Construction (ECRL) Sdn Bhd’s (CCC-ECRL) authority and community liaison manager for ECRL section six, Satnam Singh Ajit Singh, the construction works will pick up at section six, which covers the most parts in Pahang.
The hefty impairment offset the improved performance in the hospitality and property divisions, said the company in a filing with Bursa Malaysia.
As a result, it registered a loss per share of 16.25 sen from 2.79 sen for 1QFY19, Lion Industries said in a filing with Bursa Malaysia.
The loss, the group said in a bourse filing, was due to impairments in the heavy industries and property divisions, totalling RM161.3 million, as well as weaker results in other divisions.
Cost of sales grew 3% to RM371.29 million from RM362.13 million, while other income retreated 63% to RM3.67 million from RM10.02 million. Revenue was flat at RM467.18 million, versus RM465.17 million in the year-ago.
The pieces of land have been sold to PMJ Parkland Avenue Sdn Bhd and Parkland Diversified Sdn Bhd. The two related companies are involved in property development and investment holdings.
Kim Hin said the compensation money will be utilized partially to fund the reconstruction costs of the affected buildings and facilities and the related relocation costs. The excess will be kept for future investment purposes.
The group has declared an interim dividend of 1.5 sen per share for FY19, which is payable on Jan 6, 2020.
Meanwhile, revenue dropped 5.39% to RM388.16 million from RM410.26 million, whereas earnings per share (EPS) for the quarter declined to 1.35 sen from 1.75 sen last year.
No comparative figures were disclosed for the current quarter, following the company’s change in its financial year-end from April 30 to June 30, 2019.
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