News by theedgemarkets.com

In a bourse filing, the group attributed the loss to expenses stemming from land clearing, earthworks and provisions for the costs of proposed corporate exercises.

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.

As a result, earnings per share came in lower at 0.19 sen for 3QFY19 compared with 1.68 sen for 3QFY18.

The new projects secured are from Johor and Terengganu, it said.

The diversified group pointed out that the loss last year was mainly due to a RM1.83 billion impairment loss by its 49.45%-unit Genting Malaysia Bhd (GenM) in an investment in promissory notes issued by the Mashpee Wampanoag Tribe to finance the tribe’s development of an integrated gaming resort in Taunton, Massachusetts, US.

In a bourse filing, the group said that 3QFY18 saw an impairment loss of RM1.83 billion on its investment in the promissory notes issued by the Mashpee Wampanoag Tribe.

There are no comparative figures disclosed for the current quarter following the company's change in its financial year end from April 30 to June 30, 2019.

Litrak said a share of higher profit in its 50%-owned associate Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (SPRINT) amounting to RM4.8 million in the current quarter, also contributed to the group's higher net profit for the quarter.

Despite the muted growth experienced by the property market and conscious consumer sentiment, the property developer is already targeting new launches amounting to a GDV of RM3 billion in FY20.

Consequently, it recorded a net profit of RM6.67 million for the three months ended Sept 30, 2019, as compared with a net loss of RM274.57 million in the same quarter last year — when it recorded a share of loss from its associate Syarikat Pengeluar Air Selangor Holdings Bhd.