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Dutaland falls 7.62% on 3Q losses

KUALA LUMPUR (May 24): Dutaland Bhd shares fell 7.62% in early trade today after it posted a net loss of RM3.69 million in its third quarter ended March 31, 2017 compared with its net profit of RM1.21 million a year earlier, due mainly to lack of development activities.

At 9.10am, Dutaland fell 4 sen to 548.5 sen with 810,500 shares traded.

In a filing to Bursa Malaysia yesterday, Dutaland said revenue for the quarter rose to RM10.75 million from RM6.42 million a year earlier.

For the nine months ended Mar 31, Dutaland posted net loss RM1.87 million compared to net profit RM1.39 million.

On its prospects. Dutaland said it expects to perform better in FY2017 than FY2016.

“This is mainly due to higher contributions from the plantation and property divisions.

“The contribution from the property division is mainly derived from the disposal of vacant land in Kuala Lumpur,” it said. — theedgemarkets.com

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