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AP Land posts loss of RM3.3 million

KUALA LUMPUR: Asia Pacific Land Bhd (AP Land) posted revenue of RM15.6 million and loss before tax of RM3.3 million in 1Q2010, compared with revenue of RM46 million and loss of RM2.08 million in 4Q2009.

The group attributed the higher loss in 1Q2010 to lower sales for MyHabitat Serviced Residences, which was due to reduced promotion activities conducted during the Chinese New Year festive season.

However, AP Land remains cautiously optimistic and expects an improvement in its performance in financial year 2010. The main revenue drivers will still be from its core business of property development, namely MyHabitat and Bandar Tasik Puteri in Rawang, said AP Land in an announcement of the group’s 1Q results on Bursa Malaysia on May 24.

AP Land is also optimistic about its commercial project in Changsu, China. Phase one for the first seven blocks of shoplots is expected to be completed in 2010.
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