KUALA LUMPUR: Property developer, Tradewinds Corp Bhd, slipped into the red in the financial year ended Dec 31, 2009, recording a pre-tax loss of RM6.839 million compared to a pre-tax profit of RM231.063 million in 2008.
In a filing to Bursa Malaysia Securities on Feb 23, Tradewinds said the losses were mainly due to lower revenue from the hotel division, impairment of hotel properties, provision for foreseeble losses and lower contribution from associates.
Revenue declined by 0.92 per cent to RM471.099 million from RM475.462 million previously.
Tradewinds said the financial performance of the hotel division in 2010 was expected to be better than 2009 with signs of improvement in the near term in view of its long-term tenancies.
"Concept and design plans of certain projects under the property development division are nearing completion although the timing for execution continues to be uncertain in light of prevailing market conditions," it said.
Hence, it said, no contribution from property development activities was expected in the financial year 2010.
It expected the results from the group's operating units for this year to show an improvement. -- Bernama
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