Ho Hup Construction Company reduces FY2009 pre-tax loss to RM30.5 million

KUALA LUMPUR: Ho Hup Construction Company Bhd recorded a pre-tax loss of RM30.5 million for FY2009 from RM55.9 million in FY2008, while its revenue for FY2009 stood at RM75.6 million compared with RM91.2 million in FY2008.

In its statement to Bursa Malaysia on Feb 25, the loss in FY2009 was due mainly to the charges arising from the settlement agreement with the Madagascar Government amounting to RM15.2 million announced in July last year and impairment of assets of RM2.5 million. However, these charges were reduced by RM3.8 million from the disposal of a 5.5-acre tract in Bukit Jalil; and RM3.6 million club house land and Balakong land for RM5.5 million.

Its property development division posted a profit before tax of RM1.7 million for FY2009, compared with RM8.4 million in FY2008. Last year’s profit was boosted by a one-off gain of RM20.6 million from the sale of land.

Going forward, the group aims to actively pursue projects from the 9 Malaysia Plan and intensify its property development activities.
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