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Losses widen for Trinity Corp

KUALA LUMPUR (Sept 27): Trinity Corp Bhd went deeper into the red in its second quarter ended July 31 as net losses widened to RM11.9 million from RM549,000 in the immediate preceding quarter, due to lower operating income and higher finance cost.

Compared with the same quarter a year ago, Trinity Corp recorded a net profit of RM1.15 million.

Revenue for the latest quarter plunged 79.7% to RM77.95 million from RM384.6 million a year ago.

In a filing with Bursa Malaysia yesterday, the property developer attributed the decline in revenue to lower progress billings from its development projects and lower proceeds from sales of development land.

For the six months ended July 31, the company’s revenue fell by 67.6% to RM129.1 million from RM397.8 million a year ago.

However, it managed to reduce its net loss from RM24.8 million in the previous year to RM12.5 million for the six months ended July 31.

The company said the improvement is attributable to better margins on the billings on development projects and sale of development land as well as lower finance cost and higher share of profits achieved by jointly controlled entities and associated companies.

This article is appeared in The Edge Financial Daily Sept 27, 2012.

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