KUALA LUMPUR(May 24): Loss-making hospitality and property company Landmarks Bhd hopes to turn profitable by its financial year ending Dec 31, 2018 (FY18), according to its chief executive officer Mark Wee Liang Yee.

"We are aiming [for our earnings] to break even by the end of FY 17, and then to have recurring income to bring us back into the black by FY18," Wee said after the group's annual general meeting today.

Wee said that the company's turnaround is expected to be driven by recurring revenue from its Treasure Bay Bintan development in Bintan, Indonesia, a 338ha plot of land, to which he says the group plans to add hotels and attraction sites.

"Currently,  we have only one resort on the Treasure Bintang development called the Canopi Resort, which has100 tented glamorous camping suites, but [we plan to add further resorts in the future]," he says but declined to reveal the how many additions there will be.

Wee added that the infrastructure of Phase 1 of the 850-acre development has already been completed, and the group has thus far seen a 15% contribution from Treasure Bay to its overall revenue, since 2016.

There will be more phases of development moving forward, however Wee said that these are still in planning stages as the size of the land area is large.

The Treasure Bintang development was officially completed and launched in 2015.

Landmarks Bhd is a 30.3% associate of Genting Bhd. — theedgemarkets.com

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