In its latest corporate presentation in September 2020, Genting Malaysia said it will focus on business efficiency to align its cost structure with the new operating environment.
The contract entails the construction of a 22-storey serviced apartment block containing 812 units, along with an eight-storey building that comprises a car park podium and facilities. It will also build a guardhouse and refuse chamber.
IOI Properties said the property development segment recorded revenue and operating profit of RM544.6 million and RM314.9 million, up 53% and 193% respectively compared with 4QFY19.
The group said it maintains a positive outlook on the retail industry in China. With the effective control of the pandemic and the implementation of various measures to stimulate consumer spending, China's retail market has recovered gradually with consumer consumption picking up steadily.
For the first half FY20, Genting posted a cumulative net loss of RM918.37 million against a net profit of RM1.16 billion a year ago.
In a bourse filing, WCE said its finance costs jumped to RM41.02 million compared with RM3.05 million in 1QFY20.
Analysts said Genting Bhd and its subsidiaries are not immediately affected by Genting Hong Kong's decision to suspend payments to creditors.
On prospects, the company said the Covid-19 pandemic has inevitably caused disruption in global business activities and has added further pressure to the property market.
Commenting on the challenges faced by the manufacturing sector, the Federation of Malaysian Manufacturers (FMM) president Datuk Soh Thian Lai said respondents were pessimistic about the outlook given the contraction in global growth as well as the perception that the Covid-19 pandemic has not been successfully contained with rising cases worldwide reported daily.
Aspen’s Malaysian unit Aspen Vision All Sdn Bhd (AVA), together with CMY Capital and Iskandar Basha Abdul Kadir, will develop the new business which will be undertaken by Aspen Glove Sdn Bhd (AGSB), said the real estate developer.
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