Kumpulan Europlus records net loss of RM16.44 million for 3Q

KUALA LUMPUR: Kumpulan Europlus Bhd, a company on Bursa Malaysia’s construction index, recorded a net loss of RM16.44 million for its 3Q ended Oct 31, 2009 (3QFY2010), from net profits of RM1.65 million a year earlier despite higher revenue.

In a filing to Bursa Malaysia on Dec 14, the company said the loss was due to lower interest income, provision for impairment of leasehold land of RM10.87 million and higher interest expense.

Its revenue increased 41.79% to RM10.96 million, from RM7.7 million the previous year. its basic loss per share was 3.5 sen. No dividend was declared.

Meanwhile, its 31%-associate, Talam Corp Bhd saw lower net profit of RM118,000 for its 3Q ended Oct 31, 2009 (3QFY2010), from RM8.24 million the preceding year, on higher revenue.

The lower net profit was due to the reduction of other income for the current quarter, compared with the substantial other income recorded in the preceding year – this was mainly due to the reversal of finance cost over provided in prior years.

Talam’s revenue for the quarter under review jumped 48.6% to RM74.72 million, from RM50.28 million on the recognition of disposal of development land. Its earnings per share dropped to 0.01 sen, from 1.28 sen the previous year. No dividend was declared.

On another matter, Talam has entered into sale of shares agreements to dispose of Peninsular Properties (M) Sdn Bhd to Gurmukh Singh Joginder Singh and Ibrahim Bin Abdullah for RM2 million.

The deal involved the disposal of a total of two million shares of RM1 each, representing 100% equity interest in Peninsular Properties.