Revenue fell 32.1% to RM50.68 million from RM74.72 million a year ago on lower progress billings from projects, it said in a Bursa Malaysia filing.
The net losses were mainly due to losses on disposal of two parcels of development properties totaling RM43.85 million, while increased administrative expenses are mainly due to allowance made on bad and doubtful debts of RM3 million.
"The higher finance cost is attributable to finance cost accounted on zero coupon convertible securities, which were issued pursuant to the regularisation plan undertaken by the Group in the previous financial year," it said.
Basic losses per share stood at 2.76 sen, compared with 0.01 sen a year ago.
Meanwhile, net losses stood at RM81.49 million compared with a net profit of RM2.55 million a year ago while revenue dropped 29.6% to RM125.29 million from RM 178.09 million,
"The group is still facing a huge challenge in the low and medium end property sector. Due to its tight liquidity position, the group had during the current financial year, disposed of certain properties below cost and this may continue in the near future. Hence, the board foresees a challenging remaining financial year for the group," it said.
In a separate announcement, the group said it has related party receivables amounting to RM22.85 million and expects to recover the sum by the financial year ended Jan 31, 2011.