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SPK-Sentosa 3Q net loss widens to RM4.35m

KUALA LUMPUR: SPK-Sentosa Corporation Bhd's net loss widened to RM4.35 million for its third quarter ended Sept 30, 2010, from RM1.14 million a year ago despite higher revenue.

In a filing to Bursa Malaysia on Friday, Nov 26, the group posted 34.4% higher revenue of RM92.99 million from RM69.15 million.

The net losses were due to lower margin from additional costs incurred on rectification works for a completed construction project, delay in payment for a project undertaken by its construction division which gave rise to higher finance cost, and lower share of profits from its associates due to unrealised foreign exchange loss arising from the strengthening of the euro against the US dollar.

Loss per share stood at 3.4 sen, from 0.85 sen a year while net assets per share stood at 59.7 sen, up from 56.6 sen.

On its prospects, the group said it will focus on its current construction projects in the Middle East given limited domestic projects.
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