By Syahirah Syed Jaafar / theedgemarkets.com | December 29, 2016 : 8:10 PM MYT
KUALA LUMPUR (Dec 29): Quality Concrete Holdings Bhd said it hopes to achieve better results in the coming quarters, after sinking deeper into the red for the third quarter ended Oct 31, 2016 (3QFY17).
The manufacturing, property and construction group reported an 88% increase in net loss to RM3.86 million for the quarter, from RM2.05 million in 3QFY16.
In a filing to Bursa Malaysia, the group said the bigger loss was due mainly to a contract sum deduction for its completed water infrastructure project.
Revenue was up 13% to RM43.76 million, from RM38.64 million, thanks to the group’s construction and development division recording an increase of RM16 million due to revenue recognition from a development project.
The manufacturing division also saw its revenue increase by RM1.7 million on contribution by supply of ready-mixed concrete to a PR1MA project.
For its cumulative nine-month period (9MFY17), Quality Concrete reported a smaller net loss of RM6.80 million, compared with RM9.86 million for 9MFY16.
On its prospects, the group said it is taking measures to improve its performance.
“We are cautiously optimistic that with the commencing of the PR1MA Housing projects and Pan Borneo Highway Project in Sarawak, the group would be able to achieve better results in the coming quarters,” it said.
Quality Concrete shares closed unchanged at RM1.18, giving it a market capitalisation of RM68.40 million.