Petaling Tin Bhd reports 3Q net loss of RM10.02m

KUALA LUMPUR: Petaling Tin Bhd reported a net loss of RM10.02 million for its third quarter (3Q) financial results ended July 31, 2010, compared with a net loss of RM982,000 a year ago.

It said on Monday, Sept 20, that for the group's cumulative results, it recorded a net loss of RM11.244 million, compared with a loss of RM2.241 million a year ago.

The losses for the current quarter and period to-date were due to the rescission of sale of a development property by a subsidiary company, Petaling Tin Bhd said.

Revenue for the current quarter was RM2.94 million, a drop of 72% compared with RM10.426 million recorded a year ago. The cumulative results saw its revenue stand at RM23.177 million, up 56% from RM14.85 million a year ago.

“The Group revenue mainly contributed by revenue generated from the new residential development of 126 double storey link houses and sales of the industrial lots at Desa Bukit Indah and Magilds Industrial Park, Sungai Buloh, and revenue for the sale of project development land at Taman Kelab Ukay, Ampang,” the Group said.

The basic loss per share for the current quarter under review is 2.89 sen from a loss of 0.29 sen a year ago. The cumulative loss for the current quarter is 3.25 sen from a loss of 0.94 sen the previous year.

Net assets per share for the current quarter under review dropped to 1.04 compared to 1.07 the preceding year.