Harvest Court to venture into property

SHAH ALAM: Harvest Court Industries Bhd, which manufactures timber-related products, plans to diversify into property development while focusing more on timber services in order to return to profitability by the end of its 2017 financial year.
Managing director Datuk Eddie Chai Woon Chet said the company has identified two prime areas in Selayang, Selangor, and Malacca for development.
“We are negotiating with business associates that own the land parcels in the two areas for possible joint ventures.
“These discussions are still at the preliminary stages and once things have firmed up, we will disclose them,” he told reporters after the company’s annual general meeting here, yesterday.
On timber-related business, he said the company would continue with timber services amid the ongoing restructuring scheme at its factory under the company’s turnaround plan.
On the revamp scheme, Chai said the company would cease its business in the manufacturing of timber doors and would emphasise more on timber services such as custom moulding and kiln drying, which provide better profit margins.
He said the construction and property segment would provide more revenue once the activities kicked off in the first quarter of fiscal year 2017.
Harvest Court recorded a pre-tax loss of RM1 million in the first quarter (Q1) ended June 30, 2015 on the back of a revenue of RM1.56 million.
The company has changed its financial year end to March 31 from Dec 31. As such there are no comparative figures for the Q1 results. – Bernama