Country View records RM2.9m loss in 3Q

KUALA LUMPUR: Country View Bhd announced on Wednesday, Oct 27 in its 3Q financial statements ended August 31, 2010 a net loss of RM2.9 million, a further dip compared with the net loss of RM2.18 million recorded a year ago.

Revenue for the Group dipped 78% to RM3.068 million from RM13.93 million a year ago.

“The decrease in revenue and the increase in the loss… were due to lesser units sold arising from the tail-end of the project at Taman Nusa Indah coupled with higher administrative expenses incurred for securing new financing facilities for the development of its new parcel of land, Taman Nusa Sentral, in Bandar Nusajaya [Johor],” the Group said.

The basic loss per share is 2.90 sen, compared with a loss of 2.18 sen a year ago. The net assets per share dropped for the current quarter is RM1.28 from RM1.35 as at the preceding financial year end.

The Group is positive about its future prospects due to the Government’s commitment in Iskandar Malaysia, and said that revenue for the financial year ending 2010 will be derived from the sale of its existing properties in Taman Nusa Indah; the up-market bungalows in Johor Bahru, Residence at the Peak; and the first phase of development on its new parcel of 313.17 acres in Bandar Nusajaya, all located within Iskandar Malaysia.

Country View Berhad, an investment holding company, engages in property development and investment businesses in Malaysia.