Damansara Realty slips in the red in Q2 with RM330,000 net loss

PETALING JAYA: Damansara Realty Bhd fell into the red in the second quarter ended June 30 (Q2 2018) registering a net loss of RM330,000 from a net profit of RM4.5 million in the previous corresponding quarter due to lower revenue contribution from property and land development (PLD) segment.
The group said in a filing with Bursa Malaysia that the revenue decrease in its PLD segment during the quarter was mainly due to lower units sold, especially from the Aliff Square 2 project in Johor Baru.
Revenue for the quarter however rose 11% to RM74.2 million, compared with RM66.7 million in the same period last year on the back of higher revenue from its integrated facility management (IFM) segment.
For the six months period, its net profit halved to RM1.4 million, against RM3.2 million a year ago, while revenue jumped 24% to RM145.47 million, from RM117.47 million previously.
On its prospects, the group said that it foresees its IFM business to predominantly offering better potential for growth as it expects the property segment to remain subdued for the time being.
Its share price slipped one sen or 2.53% to 38.5 sen today with 148,000 shares traded.