KUALA LUMPUR: Naim Indah Corp Bhd posted a net loss of RM1.96mil for the third quarter ended Sept 30, 2017, compared to a net profit of RM30.53mil in the year-ago quarter.
According to the group, revenue shrank significantly in the quarter under review to RM429,000 versus RM2.83mil in the previous corresponding quarter.
Naim Indah explained in its notes accompanying the results that the company benefited from a fair value gain from investment property of RM31.55mil in the previous corresponding quarter.
It added that site activities from clients of the company's project management consultancy were reduced from the year-ago quarter.
Looking ahead, Naim Indah expects the property market to remain "modest" for the remainder of 2017, and will continue to secure more project management consultancy contracts to return to profitability.
"For the remainder of 2017 and 2018, the retail market is expected to be challenging. Furthermore, filling up investment property (Mall) vacancies remain a challenge as many options are available in the market with attractive rent offers by competitors to seize potential tenants," it said.
"Meanwhile, the group is persistently identifying suitable business opportunities to venture into property investment, construction and other feasible development projects, where these businesses are expected to contribute positively to the group performance."
At 2.55pm, Naim Indah was trading unchanged at seven sen on the back of 704,400 shares done.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
