Reliance Pacific posts lower pre-tax loss in FY17

KUALA LUMPUR: Reliance Pacific Bhd’s pre- tax loss has narrowed to RM20.63 million for financial year ended March 31, 2017 (FY17) from RM22.96 million recorded a year ago.

Revenue was lower at RM153.94 million from RM194.20 million previously, the property management company said in a filing to Bursa Malaysia yesterday.

However, for the fourth quarter’s result, the group had returned to the black, posting a pre-tax profit of RM557,000 compared to a pretax loss of RM15.16 million in the same period a year ago, while revenue fell to RM42.29 million from RM48.15 million previously.

The decline in revenue in the fourth quarter was due to, among others, lower revenue following the deferment in the launching of the Phase 2 of the Desa Impian township in Johor.

“The deferment was mainly due to external factors beyond our control,” it said.

“The group continued to register better performance compared to the preceding quarter. After two consecutive quarters of losses, we registered a small profit before tax in the third and fourth quarters of FY17.

“This augurs well for the group and justified the major organisational and management changes instituted by the new management. These changes, improvement and momentum will be sustained and intensified and we are confident of more positive results in the proceeding quarters,” it added. — Bernama