Quarterly Report For The Financial Period Ended 31 March 2018

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Condensed Consolidated Statements Of Profit Or Loss
For The Quarter Ended 31 March 2018

Income Statement

Condensed Consolidated Statement Of Financial Position
As At 31 March 2018

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 33%. The lower revenue was mainly as a result of challenging operating environment and the slow down of traveler to Hong Kong.

The Group registered a consolidated losses before tax, Depreciation and Finance cost of RM0.798 million as compared to RM3.369 million profit in preceding year same quarter.

Commentary on Prospect

Hotel Division
We are cautiously optimistic that the Hotel Division will deliver improved results in the near future. Continuous improvement exercises to improve sales and marketing strategies, service excellence and improvement of hardware are ongoing. In addition, focus is given to yield and productivity.

The Group is seeing positive contributions from Avillion Cameron Highlands since its opening on 16th January 2018 and is expected to improve further as awareness of the hotel is improved.

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

Property Division
The mix development project in Desa Impian, Bandar Tenggara, Johor is on its second phase and its expected to contribute positively to the Group this financial year and beyond. Continuous launches of subsequent phases are also in the plans to fully develop the 165 acres of land.

In addition to the above, we are also in the midst of planning for development of our landbank in Kuala Lumpur and Port Dickson for residential units and holiday villas and accommodations.

Travel Division
The Travel Division is undergoing a rationalization exercise hence it is expected to have a leaner structure and optimizing revenue. However, we remain cautious of the performance of this Division as margins are pressured and consolidation within the industry.