Malaysia Pacific Corp sees net losses narrow due to tax

PETALING JAYA: Malaysia Pacific Corp Bhd saw a lower net loss of RM1.67 million for its third quarter ended March 31, against a net loss of RM4.01 million a year before, attributed to expenses incurred upon completion of disposal of investment property and slow construction progress, cancellation of sales and purchase agreements and price rebate to buyers in property development segment..

For the quarter, the group reported a negative revenue of RM1.04 million against RM4.29 million reported previously.

For the first nine months, the group posted a net profit of RM8.23 million, an improvement over a net loss of RM12.36 million reported in the corresponding period of the previous year.

Revenue for the period stood at RM3.02 million, a 72.7% decline from RM11.07 million reported previously.

According to its Bursa disclosure, the group’s board believes that its prospects for the year ahead will be challenging due to the effect of the Covid-19 pandemic to the global and local economy.

It expects the sluggish property market conditions to continue throughout the year.

Malaysia Pacific noted that it is crucial for the group to submit a comprehensive regularisation plan for Practice Note 17 status, including to address the going concern issue.

source https://www.thesundaily.my/business/malaysia-pacific-corp-sees-net-losses-narrow-due-to-tax-XM2619707