DutaLand gets waiver from listing requirement compliance

KUALA LUMPUR (Nov 10): DutaLand Bhd said today its application for a waiver from being classified as an affected listed issuer has been approved by Bursa Malaysia.

The group had made the application on Aug 29 as its revenue for the financial year ended June 20 2016, was below the required level under the listing requirements, which is at least 5% of the issued and paid-up capital.

The group posted a net loss of RM3.72 million for the year compared with a net profit of RM48.69 million for the previous year. Revenue was 19% lower at RM37.79 million against RM46.65 million previously.

DutaLand had blamed the revenue shortfall to the poor contribution from its plantation and property divisions. It said the plantation division’s revenue was affected by the El Nino phenomenon resulting in a 14% drop in its oil palm output.

As for the property division, the market condition as well as the tightening of financing facilities by banks had impacted the demand for properties, it said.

The group had informed Bursa that it was reviewing its business plans for the Kenny Heights project in the Sri Hartamas-Mont’Kiara area, and the Duta Grand Hotel mixed development project at the intersection of Jalan Sultan Ismail and Jalan Ampang.

In addition, the group said it was evaluating a proposal to construct a palm oil mill at its 29,599-acre estate in Sandakan, Sabah. — theedgemarkets.com