Tanco posts pre-tax loss of RM4.58

KUALA LUMPUR: Tanco Holdings Bhd posted a pre-tax loss of RM4.58 million for its second quarter (2Q) ended June 30, 2010, compared with the loss of RM2.41 million posted in the same period last year.

The company said on Tuesday, Aug 24 that the loss was due to a waiver arising from a settlement with a contractor in the previous corresponding period.

The group expects its prospects in the property development sector to be limited, pending the outcome of its suit with Lehman Brothers (LBCCAL).

Its prospects in the resort and hospitality sector, however, has a better immediate outlook, and hence would maintain its focus in this sector to expand its market share and profitability.