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Quarterly Report For The Financial Period Ended 30 September 2017

Financials Archive

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Condensed Consolidated Statements Of Profit Or Loss
For The Quarter Ended 30 September 2017

Income Statement

Condensed Consolidated Statement Of Financial Position
As At 30 September 2017

Balance Sheet

Review of Performance of the Company and its Principal Subsidiaries

Group Revenue performance compared to the preceding year's same quarter has reduced by 13%. While the Hotel Division continue to register an improved performance, the lower revenue was mainly registered by the Tourism Division due to slow down of traveler to Hong Kong.

The Group registered a consolidated profit before Interest, tax, Depreciation and Amortization of RM1.597 million as compared to loss of RM15.447 million in preceding year same quarter. The improvement was as a result of:

  1. Higher Occupancy and improved yield achieved by the Hotel properties
  2. Lower operation cost at Tourism division due to cost rationalization.
  3. Impairment of assets/financial assets, provision for and write off of receivables amounting to RM15.35 million in preceding year same quarter.

Commentary on Prospect

Hotel Division
Riding on the momentum and recovery of the Hotel Division over the last two quarters, the division is expected to deliver its result in Financial Year 2017/2018. Intensified efforts to innovate, improve our sales and marketing strategies are showing the desired results. In addition, attention was given to yield, productivity and excellence in its services. The opening of Avillion Cameron Highlands in the 4th Quarter of Financial year 2017/18 will contribute positively in the final quarters.

The Group will continue to pursue new management contracts by leveraging on its internationally recognized hotel brand.

Property Division
The division is eagerly awaiting the launch of Phase 2; Desa Impian once the issues related to subdivision of the land is resolved with the State and Local Authorities. This will further enhance revenue and cash flows to the Group.

Tourism Division
The Group is cautiously confident the cost rationalization and restructuring of business and market focus for this division will begin to show some improvements in Financial Year 2017/2018. The division will intensify actions to enhance the linkages and synergies between the Tourism and Hotel Divisions to generate higher revenue.