PETALING JAYA: Talam Transform Bhd’s net loss for the third quarter ended Oct 31, 2018 widened to RM3.91 million from RM3.51 million a year ago due to a provision for impairment of inventory.
Its revenue jumped over five times to RM15.36 million compared with RM2.98 million generated during last year’s corresponding quarter, mainly driven by higher construction revenue and higher sale of inventories, particularly from the Bukit Beruntung area.
For the nine-month period, Talam’s net loss narrowed to RM14.21 million from RM15.05 million a year ago mainly due to a higher gross profit, gain from disposal of subsidiaries and lower provision for doubtful debts, which was off-set against a provision for impairment of inventory.
Its revenue saw a 27.01% increase to RM39.48 million from RM31.08 million previously.
Looking ahead, Talam said it has submitted the new development plans on various parcels of land, some of which has already been approved by the relevant authorities.
“The group has started its ‘build then sell’ projects which are being funded by cash flows from asset sales that were already locked in. However, the board foresees a challenging environment ahead for the group due to market conditions brought about by tough lending guidelines by Bank Negara Malaysia, amid a soft property market,“ it added.
At the noon break, its shares gained half a sen or 20% to 3 sen on 120,000 shares done.
Source: The Sun Daily