Classic example why retail investor should not invest in company that fulfill the fisher 15 points: MRCB posts net loss of RM122mil for Q3
This a classic example why retail investor should not invest in company that not fulfill the fisher 15 points. Check the previous post "Stocks Should be Avoided by Retail Investors"
MRCB has strategy advantages compare to other property companies yet it reported a big loss in Q3 while others still earning big money.
KUALA LUMPUR: Malaysian Resources Corporation Bhd’s posted a net loss of RM122.4mil in its third quarter ended Sept 2013 against a profit of RM35mil during the same quarter last year.
KUALA LUMPUR: Malaysian Resources Corporation Bhd’s posted a net loss of RM122.4mil in its third quarter ended Sept 2013 against a profit of RM35mil during the same quarter last year.
Its revenue for the period fell 46.7% to RM159.72mil from RM299.81mil a year ago.
For its current year-to-date, the group posted a net loss of RM111.34mil from a profit of RM63mil a year ago while revenue fell 37.3% to RM607.4mil from RM969.94mil a year ago.
In a filing to Bursa Malaysia on Friday, the group said the loss for its third quarter was due to the “recognition of higher construction costs for certain Kuala Lumpur Sentral development and construction projects without recognition of the same for potential variation orders claims to its clients”.
“The group also recorded one-off loss due to the exceptional financial impact arising from the fair value adjustment on the extended credit period for the settlement for Lot G office towers sale coupled with the provision of additional rental guarantee resulting in further losses to the current financial quarter,” it said.
MRCB said the group does not expect to meet the its KPI and to report profit for the current financial year.
