Selangor Properties 2Q net loss RM25.6m

KUALA LUMPUR: Selangor Properties Bhd posted net loss of RM25.62 million in the second quarter ended April 30, 2010 due to a foreign exchange loss of RM38.8 million as the ringgit strengthened against the Singapore dollar, US dollar and Australian dollar.

It said on Monday, June 21 that the net loss was lower than the RM38.6 million a year ago when it was affect by the provision for impairment loss on its investment in real estate funds.

Revenue was RM52.36 million versus RM54.30 million. Loss per share was 7.46 sen from 11.23 sen. Net assets per share were RM4.95.

"For the quarter under review, the group achieved a loss before tax of RM16.0 million as compared to a profit before tax of RM12.3 million in the preceding quarter ended Jan 31, 2010. The loss was mainly attributable to the currency translation loss on our overseas investment," it said.

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