PETALING JAYA: Country Heights Holdings Bhd saw a net loss of RM8.93 million for the third quarter ended Sept 30, 2019 against a net profit of RM131.17 million a year ago as the group adjusted investment properties to reflect their fair value at RM127.4 million.
However, its revenue rose 13% to RM23.94 million from RM21.17 million in the previous corresponding quarter.
For the nine month period, the group posted a net loss of RM15.19 million compared with a net profit of RM121.78 million a year ago, but revenue grew 13% to RM65.13 million from RM57.83 million due to higher sales from its Grand Wellness Hub and Car City Centre divisions.
Looking ahead, Country Heights said global economic uncertainties, the slowdown in property development market, increasing cost of living in the country coupled with the high borrowing cost and difficulty in obtaining bank loans and end financing are of great concern as these will dampen sentiments and affect demand in certain sectors.
“Notwithstanding these, the group intends to transform itself and realign the business to focus on five key ventures moving forward, which are Grand Wellness Hub, resorts and hospitality, Palace of the Golden Horses, Car City Centre, Cheng Ho Islamic Finance & Trade Centre and property development.”
source https://www.thesundaily.my/business/country-heights-in-the-red-in-q1-on-investment-properties-value-adjustment-ME1655187
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