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Ho Hup posts pre-tax loss of RM8.3 million

KUALA LUMPUR: Ho Hup Construction Company Bhd posted a pre-tax loss of RM8.3 million for its second quarter (2Q) ended June 30, 2010, on the back of revenue of RM8.8 million.

Comparatively, the company recorded a pre-tax loss of RM7.8 million on revenue of RM30.5 million in the corresponding quarter last year.

The company said on Tuesday, Aug 24 that the property division recorded a pre-tax loss of RM4.1 million for the current year. The losses are attributed to commission paid of RM1.6 million for the sales of the shop office units from a 60-acre development as well as legal and professional fees of RM1 million.

Meanwhile, the construction division and the ready mixed concrete division registered a pre-tax loss of RM2.9 million and RM100,000 respectively.

It expects the development of 20 units of 2-and-½-storey semi-detached units under Phase 7B in Jalil Sutera, and disposal of non core land banks to contribute to its earnings in the next quarter.

The company is also looking at outsourcing the ready mixed concrete division in order to be more competitive in the market and reduce cost.
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