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Nam Fatt see lower quarterly net loss

KUALA LUMPUR: Property developer Nam Fatt Corporation Bhd narrowed its net loss for the fourth quarter ended Dec 31, 2010 (4QFY10) to RM133.57 million, from a net loss of RM511 million a year earlier.

Its revenue for the quarter, meanwhile, fell to RM15.57 million from RM45.4 million the previous year.

The decrease in loss and revenue was due to write down/allowances for impairment of property, plant, equipment and land held for development, allowances for foreseeable losses/claims on contract projects as well as gains on disposal/liquidation of subsidiary companies.

Its loss per share stood at 35.94 sen, from a loss per share of 138.38 sen the previous year. It did not declare any dividends.

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