Johan Holdings net loss narrows to RM3.83m in Q2

PETALING JAYA: Johan Holdings Bhd posted a net loss of RM3.83 million in the second quarter ended July 31, 2014, compared with RM6.677 million a year earlier, on the disposal of loss-making subsidiary Diners Club Ltd.
The group managed to cap losses even as revenue declined 23% to RM58.58 million from RM76.2 million for the same period in the previous year.
In a filing with Bursa Malaysia yesterday, the company said the building materials segment recorded lower revenue and higher losses in the current quarter as compared to the corresponding quarter last year.
The hospitality and card services segment recorded lower revenue, albeit higher gross billings in current quarter compared to corresponding quarter. The segment incurred a higher loss for the current quarter due to higher finance costs.
As for the healthfood business registered lower revenue in current quarter compared to corresponding quarter due to lower retail sales. However, the healthfood segment recorded a profit in the current quarter compared to a loss in the corresponding quarter due to higher gross profit margin and lower operating costs.
The investment and secretarial services segment incurred lower loss compared to corresponding quarter due to foreign exchange gain recorded in the current quarter as compared to foreign exchange losses in the corresponding quarter.
For the six months period, Johan recorded a net profit of RM7.78 million compared to a net loss of RM13.057 million while revenue declined to RM120.5 million from RM138.8 million. It said the sectors in which the group operates will remain competitive.
With the disposal of loss-making entities in the last one year, it expects to perform better for the current year.