Bina Goodyear post net loss of RM8.83 million

KUALA LUMPUR: Bina Goodyear Bhd posted a net loss of RM8.83 million for its financial year ended June 30, 2010, (FYE 2010) on the back of revenue of RM311.6 million.

Comparatively, the company posted a net loss of RM24.2 million for FYE 2009, on the back of revenue RM333.7 million.

During its fourth quarter (4Q) FYE 2010, revenue decreased by 31% to RM71.4 million compared with RM103.3 million in the same quarter last year, due to current contract, which is nearing completion, said the company on Wednesday, Aug 25.

Meanwhile, it registered a net loss of RM2.48 million for 4Q FYE 2010, compared to RM8.27 million for 4Q FYE 2009. It attributed its loss to a cost write off by a subsidiary for completed projects and provisions for doubtful debts.

The company recently secured a contract valued at RM58.8 million to construct a budget hotel, and hopes to secure additional contracts valued at over RM200 million in the near future.