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Group Revenue performance compared to the preceding year's quarter has reduced by 18.5%. The lower revenue was mainly due to:
The Group registered a consolidated profit before tax of RM0.234 million as compared to loss of RM2.983 million in preceding year same quarter. The losses registered in preceding year same quarter was mainly due to the negative yield registered by the Tourism Division as a result of high cost of sale and currency fluctuation.
As previously reported, the Group underwent major organizational and management changes. These changes, including new strategies and initiatives will require time, constant and sustained monitoring to produce the desired results. Nonetheless, we are beginning to see some positive effects this quarter. After two consecutive quarters of losses, the Group has registered a small profit before tax.
Against a respectable growth of 4.5% in the last quarter of 2016, the Malaysian economy seems to indicate that the growth is sustainable in 2017 supported by domestic demand and private consumption. The Group is hopeful this will translate into improved business and operating environment. We are poised to capitalize on this and grow our sales and revenue especially for the Hotel and Travel Divisions.
The Group anticipates sustained positive effects in the proceeding quarters arising from the new strategies, initiatives, improvements to operational efficiency and lower operational cost implemented in the preceding six months. Consequently, we remain cautiously optimistic about the Group's performance in the coming quarters.