KUALA LUMPUR (Sept 13): Symphony Life Bhd reported a net loss of RM13.6 million for the first quarter ended June 30, 2021, compared to a net profit of RM6.13 million a year earlier, partly due to recognition of losses arising from the outcome of arbitration for its Arata at Bukit Tunku project of RM4.5 million.

The group posted losses per share of 2.34 sen compared with earnings per share of 1.12 sen for the same quarter last year, the property developer’s filing with Bursa Malaysia showed.

Revenue rose 16.7% to RM35.6 million from RM30.5 million in the same period last year, helped  by higher sales achieved by the group’s Union Suites @ Bandar Sunway, Amajaya, Sungai Petani and Tijani Raja Dewa projects.

The group noted that its share of losses from jointly controlled entities was mainly due to lower sales achieved compared with the previous corresponding quarter.

On prospects, Symphony Life said the market environment is expected to continue to be challenging and demanding for the current financial year ending March 31, 2022.

"The ongoing restrictions and preventive measures to contain the spread of Covid-19 virus had and will continue to have a significant impact on sales and projects. We look forward to increasing normalcy in light of the recent relaxation of standard operating procedures, due to more than half of the adult population being fully vaccinated against Covid-19," it said.

In a separate filing today, Symphony Life announced the removal of its chief financial officer Ng Ying Ying.

This comes as the group’ single largest shareholder, Muar Ban Lee Group Bhd (MBL), last month called for an extraordinary general meeting on Sept 23 to remove three directors and replace them with three others.

In a notice to Symphony Life’s shareholders, MBL said it disagreed with the outgoing directors on the direction they were taking the group.

Shares of Symphony Life closed unchanged at 57 sen, giving the group a market value of RM384.43 million.

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