Ark Resources registers quarterly loss

KUALA LUMPUR: Ark Resources Bhd registered a net loss of RM51,000 for the fourth quarter ended Dec 31, 2010 (4QFY2010), compared to net profit of RM953,000 the previous year, on the completion and final account of a project it undertaken during the period.

Its revenue for the quarter, meanwhile, increased to RM1.24 million, from RM61,000 a year earlier. Its basic loss per share was 0.1 sen, compared to 2.3 sen the previous year. It did not declare any dividends.

The company submitted its proposed corporate restructuring exercise entailing proposed capital reduction, proposed acquisitions, proposed debt restructuring, proposed liquidation, proposed rights issue with warrants and proposed placement with warrants.

"It must be reiterated that the implementation of the proposed corporate restructuring exercise is crucial to moving forward. Once this phase is completed, the group can then implement its many measures to build on its order book concentrating initially mainly on local projects and proceeding with new launches at our development project in Kuala Kubu Bahru," it added.

It also noted that the group is also exploring smart partnerships with landowners to leverage on the pickup in the industry expected soon.