AP Land closes financial year with net loss of RM22.2 million

KUALA LUMPUR: Asia Pacific Land Bhd (AP Land) recorded revenue and net loss of RM124.6 million and RM22.2 million respectively for its financial year ended December 31, 2010 (FYE 2010).

Comparatively, it recorded revenue and net loss  of RM106.8 million and RM896,000 respectively in the previous year.

The lower revenue was due to a drop in revenue from the Bandar Tasik Puteri (BTP) township and MyHabitat project but a reduced loss was due to better contribution margin from MyHabitat project, it said on Thursday, Feb 24 in a Bursa announcement.

It is confident that  the right positioning of its range of products, together with the increase interest in the local property sector and improving economy will help drive sales growth.

The company is committed to the construction of an interchange to link its flagship project at BTP to the Kuala Lumpur-Kuala Selangor Expressway to improve accessibility for BTP in the near future.

With this enhancement of infrastructure, sale of both residential and commercial units at BTP is expected to grow, it said.

The linkage costing about RM40 million is scheduled to be completed by 2013.

Meanwhile, sales for phase one of the project in Changshu, China which was completed in October 2010 has been slow due to slower growth in China’s GDP and the government’s cooling measures appearing to have taken some effect.

However, the company has taken alternative measures to lease out the completed unsold shops to increase revenue.