Johan Holdings 2Q net loss deepens 92.1%

KUALA LUMPUR (Sept 20): Johan Holdings Bhd fell into deeper red as its net loss for second quarter (2Q) ended July 31, 2012, increased 92.1% to RM9.79 million from a net loss of RM5.1 million a year ago, due to lower revenue from engineering and property businesses.

Revenue for the period also fell 3.4% to RM76.74 million from RM79.44 million previously.

The company said in a filing to Bursa Malaysia that its engineering business recorded lower revenue and profit due to smaller jobs secured. Its property development division also had no further progress billings in the second quarter as construction of its projects has already been completed.

For its half year ended July 31, Johan Holdings's revenue was up 4.4% to RM152.02 million compared to RM145.55 million a year ago. Meanwhile, net loss increased 3.8% to RM14.5 million from RM13.98 million a year ago.

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