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Olympia post net loss of RM2.4 million

KUALA LUMPUR: Olympia Industries Bhd recorded a net loss of RM2.4 million for its second quarter ended December 21, 2010 (2Q 2010) on the back of revenue of RM47.5 million.

Its revenue fell 13.5% from the RM54.9 million posted a year ago, while its net loss was lower than the RM3.6 million a year ago, the company said on Wednesday, Feb 23 in a Bursa announcement.

The decrease in revenue was due to lower revenue generated by the property and gaming divisions while the lower net loss was mainly attributed to the reversal of  impairment loss on marketable securities based on marked to market.

In the absence of a definitive economic recovery, the company does not expect any material improvements on the results for the financial year ending June 20, 2011.

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