KUALA LUMPUR (Dec 31): Talam Transform Bhd said today third quarter net loss from continuing operations narrowed to RM3.63 million from a net loss of RM3.75 million a year earlier as pre-tax loss declined due to higher gross profit from property inventory sales and gain from disposal of subsidiaries. Group revenue increased.
According to Talam Transform’s filing with Bursa Malaysia today, the group’s revenue from continuing operations increased to RM15.36 million in the third quarter ended Oct 31, 2018 (3QFY19) from RM2.98 million.
“The group recorded a revenue of RM15.36 million, a 415.44% increase from the RM2.98 million generated during last year’s corresponding quarter. The increase was mainly due to higher construction revenue and higher sale of inventories, particularly from the Bukit Beruntung area,” Talam Transform said.
For 9MFY19, Talam Transform said net loss from continuing operations narrowed to RM13.32 million from a net loss of RM13.97 million. Revenue from continuing operations increased to RM39.48 million from RM31.08 million.
Today, the group said its joint-venture projects are ongoing and it had submitted its new development plans on various parcels of land to the relevant authorities. Talam Transform said some of the new development plans had already been approved by the relevant authorities.
“The group has started its ‘build then sell’ projects which are being funded by cash flows from asset sales that were already locked in. However, the board foresees a challenging environment ahead for the group due to market conditions brought about by tough lending guidelines by Bank Negara Malaysia, amid a soft property market,” Talam Transform said.— theedgemarkets.com