Gadang sinks into the red in 3Q as construction and property divisions record lower revenue
KUALA LUMPUR (April 17): Gadang Holdings Bhd (KL:GADANG) has posted a net loss of RM10.
KUALA LUMPUR (April 17): Gadang Holdings Bhd (KL:GADANG) has posted a net loss of RM10.
KUALA LUMPUR (March 4): Gadang Holdings Bhd (KL:GADANG) is buying an 11.
The freehold parcel in Daerah Ulu Langat, Selangor, forms part of the group’s larger township development.
The termination is in respect of the undeveloped phases of the project, Gadang said in a bourse filing on Friday.
The exercise, which is expected to be completed by the first quarter of 2025, will reduce the group’s interest-bearing borrowings to RM171.
Gadang also referred to the delay in making an immediate announcement about the suit, explaining that ongoing negotiations between the parties initially aimed to resolve the matter amicably.
In a note on Thursday, the research house said this negative variance was primarily due to higher-than-anticipated project operating costs and tax expenses.
For the full year, Gadang returned to the black with a net profit of RM4.
With the SPA terminated, the parties will now revert to the development rights agreement inked, it said.
Currently, the stock is not covered by any analysts.