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KUALA LUMPUR: Kumpulan Europlus Bhd's (K-Euro) net loss widened to RM19.31 million for the third quarter (3Q) ended Oct 31, 2010, from RM16.67 million a year ago on provisions for doubtful debt of RM3.7 million and share of losses incurred by an associated company, it announced to Bursa Malaysia on Thursday, Dec 30.
Revenue fell 56.7% to RM4.74 million from RM10.96 million a year ago on lower billings by the group's manufacturing division following the disposal of its 60.4%-owned subsidiary Kekwa Indah Sdn Bhd.
Meanwhile, the associated company in question — Talam Corporation Sdn Bhd (Talam Corp) — had incurred losses of RM17.6 million, although it was partly mitigated by profit on disposal of Talam shares amounting to RM11.95 million.
However, basic earnings per share stood at 4.1 sen from 3.5 sen a year ago.
Year-to-date, its net loss stood at RM24.05 million from RM28.58 million a year ago while revenue stood at RM20.51 million, 34.6% higher than RM31.38 million.
On its prospects, K-Euro said its 64.2%-owned subsidiary West Coast Expressway Sdn Bhd (formerly known as Konsortium LPB Sdn Bhd) was still negotiating with the federal government for another extension to finalise the financial close and allow modification to certain terms and conditions of the concession agreement of the West Coast Highway.
Meanwhile, its 50%-owned company Radiant Pillar Sdn Bhd (RPSB) aims to launch property development projects next year pending market conditions.
To recap, RPSB had received 1,877.87 acres of land following the termination of the agreement to build Canal City in Selangor between its unit Canal City Construction Sdn Bhd and the Selangor state government.
In a separate announcement, K-Euro's outstanding related party receivables totaled RM198.17 million.
The group expects to receive RM107 million from Talam Corp in principal and interest upon the completion of the latter's proposed sale of properties to Menteri Besar Selangor Incorporated (MBI), with an expected settlement date by March 31, 2011.
Meanwhile, the company expects to receive RM22 million from RPSB representing a shareholder's advance, which may be turned into a long-term loan or share capital in due course.
Revenue fell 56.7% to RM4.74 million from RM10.96 million a year ago on lower billings by the group's manufacturing division following the disposal of its 60.4%-owned subsidiary Kekwa Indah Sdn Bhd.
Meanwhile, the associated company in question — Talam Corporation Sdn Bhd (Talam Corp) — had incurred losses of RM17.6 million, although it was partly mitigated by profit on disposal of Talam shares amounting to RM11.95 million.
However, basic earnings per share stood at 4.1 sen from 3.5 sen a year ago.
Year-to-date, its net loss stood at RM24.05 million from RM28.58 million a year ago while revenue stood at RM20.51 million, 34.6% higher than RM31.38 million.
On its prospects, K-Euro said its 64.2%-owned subsidiary West Coast Expressway Sdn Bhd (formerly known as Konsortium LPB Sdn Bhd) was still negotiating with the federal government for another extension to finalise the financial close and allow modification to certain terms and conditions of the concession agreement of the West Coast Highway.
Meanwhile, its 50%-owned company Radiant Pillar Sdn Bhd (RPSB) aims to launch property development projects next year pending market conditions.
To recap, RPSB had received 1,877.87 acres of land following the termination of the agreement to build Canal City in Selangor between its unit Canal City Construction Sdn Bhd and the Selangor state government.
In a separate announcement, K-Euro's outstanding related party receivables totaled RM198.17 million.
The group expects to receive RM107 million from Talam Corp in principal and interest upon the completion of the latter's proposed sale of properties to Menteri Besar Selangor Incorporated (MBI), with an expected settlement date by March 31, 2011.
Meanwhile, the company expects to receive RM22 million from RPSB representing a shareholder's advance, which may be turned into a long-term loan or share capital in due course.
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