Keck Seng net loss widens to RM44m in 4Q on impairment loss from overseas hotel

KUALA LUMPUR (March 16): Keck Seng (Malaysia) Bhd’s fourth quarter net loss widened to RM43.92 million from RM11.45 million in the immediate preceding quarter, despite stronger revenue, due to an impairment loss from an overseas hotel.

As such, the integrated palm oil producer and property developer's loss per share for the fourth quarter ended Dec 31, 2020 (4QFY20) increased to 12.22 sen from 3.19 sen in 3QFY20, its exchange filing yesterday showed.

Quarterly revenue jumped 17.24% to RM259.1 million from RM213.31 million, due to higher selling price of refined palm oil sold, and increased number of units sold for its residential properties at Tanjong Puteri Resort and its commercial properties at Bandar Baru Kangkar Pulai, both in Johor.

On a yearly basis, Keck Seng fell into the red from having made a net profit of RM23.82 million in 4QFY19, though revenue inched up 2.54% from RM252.67 million.

For its full FY20, the group registered a net loss of RM64.92 million versus a net profit of RM88.32 million in FY19, as annual revenue dropped 10.65% to RM874.34 million, from RM978.61 million.

“The ongoing coronavirus outbreak, US-China trade war, geopolitical events, global climate change and volatility of currency exchange will continue to have impacts on the performance of the group in 2021,” the group said on its prospects.

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