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Quarterly Report For The Financial Period Ended 30 June 2018

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Condensed Consolidated Statements Of Profit Or Loss
For The Quarter Ended 30 June 2018

Income Statement

Condensed Consolidated Statement Of Financial Position
As At 30 June 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 2.9%.

The first quarter hotel’s performance turned out weaker than expected. Traditionally, demand increased in months prior to the Ramadhan, however, in this financial year, demand was extremely weak and this is mainly due to the uncertainties of the up-coming General Election as well as the postponement of events during the General Election period and the period of the change-over of the new Government. These uncertainties not only affected the Malaysian public but also international travelers. Tourist arrivals dropped in April 2018, in which Malaysia recorded the lowest level of international visitors. There was a drop of 8.8% against the same month last year. The hotel’s performance is expected to improve in the second quarter with the more positive economic outlook.

The Group registered a consolidated losses before tax of RM4.037 million as compared to consolidated loss of RM1.49 million in preceding year same quarter as a results of the weaker performance in the 1st Quarter.

Commentary on Prospect

Hotel Division

The outlook for the hotel division is expected to be better compare to the current quarter. The business confidence has improved post General Election as the 1st half of the year was affected by the wait and see attitude. As such, we expect improvement in business contribution from not only meetings and events but increase in leisure travelers. This is in line with the traveling seasonality as well as the many Malaysian Public Holidays that are stretching into long weekends.

Property Division
The mix development project in Desa Impian, Bandar Tenggara, Johor is on its second phase.

Phase 2A was launched in June’2018 and we have submitted for approvals from the local authorities for Phase 2B development and target to launch in year 2019.

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

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