Puncak Niaga narrows net losses for Q4 marginally

PETALING JAYA: Puncak Niaga Holdings Bhd made a net loss of RM92.8 million for the fourth quarter ended Dec 31, 2016 on lower impairment losses on assets and recognition of fair value gain on investment properties.
This was a slightly better performance than the RM99.7 million net loss it made for the same quarter in the preceding year. Net losses for the quarter would have narrowed further if not for a RM25.1 million under provision in income tax from the prior year.
Revenue was 49% higher at RM20 million for the quarter compared with RM13.4 million for the same quarter in the preceding year, due to higher contribution from the construction sector.
Net loss for the year widened to RM258.9 million, compared with a net profit of RM65.7 million for the financial year 2015.
This was on 60% lower revenue of RM73.8 million, compared with RM188.0 million for the period.