IWC registers net loss of RM3.7m for Q3

PETALING JAYA: Iskandar Waterfront City Bhd (IWC) recorded a net loss of RM3.7 million for the third quarter ended Sept 30, 2020, compared with a net loss of RM2.95 million in the previous year’s corresponding quarter.

Its revenue declined 85.8% to RM9.6 million from RM67.8 million previously.

IWC’s property development segment posted a profit of RM1.4 million for the current quarter compared with the preceding quarter’s RM3.1 million due to lower progress billings across its ongoing projects and lower sales as a result of the Covid-19 outbreak.

The construction segment registered a loss before tax of RM3.98 million in the quarter under review compared with a loss before tax of RM7.2 million in the preceding quarter due to higher work achieved for its project.

For the nine-month period the group saw a net profit of RM2.5 million, from a net loss of RM5.8 million previously. Revenue was lower at RM88.6 million, against RM175.7 million in nine months 2019.

Looking ahead, IWC said the property sector is expected to be sluggish and remain soft for a period of time, and the prospects and impact of this crisis on the group’s business activities for the remainder of the year could not be determined at this juncture.

“The group is closely monitoring the market situation whilst adopting a prudent approach in respect to any new product launches, and when opportunities arise, shall unlock the value of its land banks in Iskandar Malaysia,” it said.