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Malaysia Pacific Corp records loss of RM3.255 million for 1Q

KUALA LUMPUR: Malaysia Pacific Corp Bhd (MPC) recorded a loss of RM3.255 million for 1Q2010, compared with a loss of RM1.843 million over the same quarter last year. Revenue also dropped to RM2.609 million in the current quarter under review from RM2.699 million in 1Q2009.

In a listing on Bursa Malaysia on May 21, the group stated that the loss was due to the increase in advertising, promotional and marketing expenses and higher overheads in gearing for LakeHill Resort City, Iskandar Malaysia and Asia Pacific Trade & Expo City Sdn Bhd (APTEC) as well as the one-off professional costs incurred pertaining to a rights issue. As a result, the loss has correspondingly reduced the company’s net asset value per share to RM1.49 from RM1.51.

The listing explained that the group is undergoing a final restructuring plan that will be concluded by end-2010. MPC’s first stage of group consolidation and preliminary capital raising exercise was completed prior to this reporting quarter, with a rights issue that provided net proceeds of about RM21.75 million.

MPC is looking for new partners in the Middle East after its initial foray into Dubai was hindered by the global financial slowdown. It is also applying to the Ministry of Tourism to have its APTEC development registered as a tourism project.

The group's principal activity is letting of investment property. Other activities include development of residential and commercial properties and construction of buildings. It also operates as an investment holding company. Operations are carried out predominantly in Malaysia.
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