Kumpulan Hartanah Selangor Bhd posts net loss of RM156,000

KUALA LUMPUR: Kumpulan Hartanah Selangor Bhd posted a net loss of RM156,000 for its second quarter (2Q) ended June 30, 2010, on the back of revenue of RM108.47 million.

Comparatively, the company posted revenue and net profit of RM9.91 million and RM9.45 million respectively in the previous year’s corresponding quarter.

The higher revenue is due to increased revenue from property development sector and sale of land in the current quarter, the company said on Tuesday, Aug 25.

It expects 3Q 2010 performance to remain challenging in view of the anticipated continued challenges in the property development industry.

It added that current land banks will be reviewed for optimum utilization to generate more revenue