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Quarterly Report For The Financial Period Ended 31 March 2017

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Condensed Consolidated Statements Of Profit Or Loss
For The Quarter Ended 31 March 2017

Income Statement

Condensed Consolidated Statement Of Financial Position
As At 331 March 2017

Balance Sheet

Review of Performance of the Company and its Principal Subsidiaries

Group Revenue performance compared to the preceding year's quarter has reduced by 12.2%. The lower revenue was mainly due to:

  1. Lower revenue registered by the Tourism Division due to slow down in tourist arrival to Hong Kong and Singapore.
  2. Lower revenue registered by the Property Division as a result of the deferment in the launching of the Phase 2 project in Desa Impian, Johor. The deferment was mainly due to external factors beyond our control.

The Group registered a consolidated profit before tax of RM0.557 million as compared to loss of RM15.161 million in preceding year same quarter. The losses registered in preceding year same quarter was mainly due to

  1. The negative yield registered by the Tourism Division as a result of higher cost of sale
  2. Currency fluctuation
  3. Impairment loss on goodwill amounting RM12.321 million.

Commentary on Prospect

The Group continued to register a better performance compared to the preceding quarter. After two consecutive quarters of losses, the Group has registered a small profit before tax in the 3rd and 4th Quarter of the financial year ended 31 March 2017. This augurs well for the Group and justified the major organizational and management changes that were instituted by the new management. These changes, improvement and momentum will be sustained and intensified and we are confident of more positive results in the proceeding quarters.

Moving forward, the Group will continue to reap the fruits arising from earlier efforts in improving the economics of doing business as well as maximizing yield. With the Group on firmer footing, we will embark aggressively to expand the Avillion hotel brand as we add a new hotel in Cameron Highlands in the current financial year. Similarly, we shall also seek to employ our existing land asset to productive use through joint ventures or similar commercial arrangements. We are also expecting modest recovery in our overseas travel as a result of cost optimization, rationalization of operations and prudent yield management.

Consequently, we shall continue to be prudent and cautiously optimistic about the Group's performance in the coming quarters.