CHHB’s earnings skyrocket in Q3

> Adjustments made to reflect fair value of investment properties

PETALING JAYA: Country Heights Holdings Bhd’s (CHHB) net profit jumped 288-fold in the third quarter ended Sept 30, to RM131.17 million from RM454,000 in the same quarter last year, after RM127.4 million adjustments were made to investment properties to reflect their fair value.

Meanwhile, revenue was down 8% to RM21.2 million from RM23.1 million after three out of its five divisions recorded lower revenues.

Commenting on its prospects, the group’s said it has a few project launches for its property development segment in the pipeline for 2018 and 2019 while for its resorts and hospitality segment, plans are lined up to refurbish the Palace of the Golden Horses and step up marketing measures for meetings, incentives, conventions and exhibitions.

The group also announced that Cheng Ho Islamic Finance and Trade Centre, one of the beneficiaries of the funds it wants to raise through its initial coin offering, Horse Currency, will be the world’s first Shariahattested blockchain development.

As for the automotive-themed lifestyle centre, MC3, which is Asean’s pioneer with a projected gross development value of RM1.2 billion to 1.5 billion, the group hopes to rejuvenate the Mines International Exhibition and Convention Centre into Asean’s largest automotive expo centre showcasing the latest automotive technology and trends.

For the nine months, the group’s net profit increased multi fold to RM121.77 million from RM121.77 million.

Revenue, on the other hand, fell 23.53% to RM57.83 million from RM75.63 million.

In a separate filing, the group said that the balance of the RM15 million term loan received by its subsidiary Golden Horse Palace Bhd from Bank Pembangunan Malaysia Bhd amounted to RM474,900.13.