Country View posts net loss of RM1.8m for 2Q

KUALA LUMPUR: Country View Sdn Bhd has posted a net loss of RM1.8 million for its second quarter ended May 31, 2010 (2Q), against a net profit of RM459,000 a year ago.

Meanwhile, its revenue fell by 43.4% to RM7.16 million from RM12.67 million, the company said on Wednesday, July 28.

Its basic losses per share stood at 1.84 sen, from earnings per share of 0.46 sen a year ago.

Year-to-date, the group’s net loss widened to RM3.57 million from RM1.7 million a year ago, while its revenue dropped by 13.7% to RM15.15 million from RM17.56 million.

The higher losses and revenue decline came on the back of lower sales from the near-completion of its Taman Nusa Indah project in Iskandar Malaysia, Johor, coupled with higher administrative expenses incurred from securing new financing facilities for the development of its new Taman Nusa Sentral project in Bandar Nusajaya, the company said.

However, the group is optimistic of the government’s commitment of the development of Iskandar Malaysia and expects sales of its existing projects in Iskandar Malaysia, namely Taman Nusa Indah, Residence at the Peak as well as the first phase of Taman Nusa Sentral development to drive up group revenue this year.

Taman Nusa Sentral spans 313.17 acres and is slated to launch within the financial year ending November 30, 2010 (FYE2010).

“Going forward, the group's focus will be on the medium-to-high-end landed property segment with particular attention being paid to the strategic locations of the group's development projects, competitive pricing and design concepts,” it said.

In a separate note, the group said that it expected to fully recover its outstanding related party receivables by June 30, 2011.

As of May 31, the receivables totaled RM280,000.