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Zecon narrows 4Q loss, revenue falls to RM43m

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Zecon narrows 4Q loss, revenue falls to RM43m Empty Zecon narrows 4Q loss, revenue falls to RM43m

Post by Cals Fri 22 Aug 2014, 01:23

Zecon narrows 4Q loss, revenue falls to RM43m
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Thursday, 21 August 2014 14:34

KUALA LUMPUR (Aug 21): Zecon Bhd narrowed its net loss to RM12.4 million in the fourth quarter ended June 30, 2014 (4QFY14) from a net loss of RM21.7 million in the previous corresponding quarter.

Despite lower revenue, engineering and construction firm Zecon told Bursa Malaysia that net loss had narrowed on lower impairment losses on receivables. Zecon had registered impairment losses of RM5.7 million during the quarter compared to RM20.16 million a year earlier, notes accompanying its financials showed.

Zecon said revenue dropped 27.3% to RM42.8 million from RM58.9 million.

Zecon said its 4QFY14 net loss loss was "mainly due to additional project costs and impairment of asset."

For the full-year, net loss narrowed to RM18.9 million from a net loss of RM22.5 million a year earlier but revenue rose to RM175.2 million from RM160.2 million.

Zecon said the higher revenue was mainly due to the sale of land. “The group expects better performance in light of works started on the Hospital Universiti Kebangsaan Malaysia project.

“The group is also in the midst of finalising the diversement of equity interest in its subsidiaries,” Zecon said.
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