Landmarks incurs wider loss in Q4 due to write-off

PETALING JAYA: Landmarks Bhd saw its net loss for the fourth quarter ended Dec 31, 2016 widen to RM9.59 million compared with a net loss of RM7.14 million a year ago, mainly due to one-off project development costs written off.
Revenue, however, jumped 40.6% to RM21.95 million compared with RM15.62 million in the previous year’s corresponding quarter.
For the full year, its net loss widened to RM27.94 million from a net loss of RM12.06 million from the preceding year.
The group’s revenue increased 34.4% to RM83.16 million compared with RM61.92 million in the previous year.
On its prospects, Landmarks said The Andaman continues to experience high occupancy and steady growth in room rates since the beginning of the year.
“The outlook for the hospitality business remains robust and the board expects The Andaman to increase its revenue contribution to the group in 2017.”
It added that Chill Cove at Treasure Bay Bintan recorded 143,000 visitors in 2016. With additional attractions, activities and adventure experiences within Chill Cove to be ready in 2017, the group has set a target of 300,000 visitors in 2017. The group intends to launch its sales of the luxury villa residences at Chiva-Som Bintan at the end of first quarter this year and expects the sales will contribute significantly to the group’s revenue and profits in the coming years.