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Ark Resources records a loss of RM116,000 in 1Q2010

KUALA LUMPUR: Ark Resources Bhd notched up a loss of RM116,000 in 1Q2010 compared with a profit of RM491,000 in 1Q2009. Revenue for the group also dropped by 49.2%, with the company garnering RM31,000 in the current quarter under review compared with RM61,000 for the same period last year.

In a listing on Bursa Malaysia, May 21, the group stated that the loss was mainly due to   the lack of new construction activities undertaken by the company pending the completion of the proposed corporate restructuring exercise (PCRE).

The time frame for implementation of the PCRE had expired on Dec 31, 2009 and the group is seeking approval from the Securities Commission (SC) for a further extension of time to complete the exercise.

A new advisor was appointed on April 27, 2010, to deal with the request for an extension and the company is in the midst of preparing the application to be submitted to the SC.

Once the approval is obtained, Ark Resources hopes to build on its order book, concentrating initially on local projects and proceeding to new launches in developments in Kuala Kubu Bahru, Selangor.

The company is also exploring partnerships with landowners to leverage on and take advantage of the improving industry in the future.

Ark Resources’ principal activity is in civil and geotechnical engineering and building construction works. Other activities include property development and investment, turnkey construction, mechanical and electrical contractor and quarry operations. It is also involved in providing management services and operating as an investment holding company. Operations are carried out in Malaysia.

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