Malaysia Pacific Corp net loss narrows to RM3m in Q3

PETALING JAYA: Malaysia Pacific Corp Bhd's net loss narrowed to RM3.02 million in the third quarter ended March 31, 2016 from a net loss of RM5.17 million a year ago, due to lower provision of revolving credit interest.
Revenue for the quarter fell 13.73% to RM2.87 million from RM3.33 million a year ago due to lower occupancy rate and further delay of sales of property in Iskandar Johor, the group said in a filing with Bursa Malaysia yesterday.
However, for the nine months ended March 31, 2016, its net loss widened to RM11.91 million from a net loss of RM5.73 million a year ago while revenue fell 29.81% to RM7.26 million from RM10.34 million a year ago. It attributed the higher losses to lower revenue and provision for legal compensation during the period.
The group said prospects for the current financial year remain challenging.
In a separate announcement, the group said that its chairman Datuk Muralee Y.S. Menon, 54, has resigned due to personal commitments.