Sal­con slips into the red in Q3 on un­re­alised forex losses

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Sal­con Bhd has posted a net loss of RM755,000 in the third quar­ter ended Sep 30, 2016 (Q3FY16), from a net profit of RM3.51 mil­lion in the same pe­riod last year, at­trib­uted by un­re­alised losses on for­eign ex­change.

Rev­enue grew slightly by 1.8% to RM22.95 mil­lion, com­pared with RM22.54 mil­lion in the pre­vi­ous cor­re­spond­ing quar­ter.

For the nine-month pe­riod, its net profit fell 12.7% to RM10.5 mil­lion, from RM12 mil­lion a year ago, while rev­enue fell 8.1% to RM60.5 mil­lion, against RM65.8 mil­lion pre­vi­ously.

In a fil­ing with Bursa Malaysia yes­ter­day, the wa­ter and waste wa­ter en­gi­neer­ing group said rev­enue in the con­struc­tion divi­sion for the quar­ter was lower by 4% com­pared with the same pe­riod in the pre­ced­ing year.

How­ever, its prop­erty de­vel­op­ment divi­sion recorded a loss be­fore tax of RM2.1 mil­lion, com­pared with a loss be­fore tax of RM2.27 mil­lion for the same pe­riod in the pre­ced­ing year due to lower op­er­at­ing ex­penses.

On prospects, the group said it is op­ti­mistic on its newly di­ver­si­fied e-com­merce travel and tourism busi­ness, which is lever­ag­ing on the mas­sive China out­bound tourism mar­ket.

“The ac­quired sub­sidiary is ap­pointed by Al­itrip, a busi­ness unit within Alibaba Group as the sole op­er­a­tor of the Al­itrip Malaysia Tourism Pav­il­ion,” it added.

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