KUALA LUMPUR: Encorp Bhd , the property firm controlled by Felda Investment Corp Sdn Bhd, made a RM28mil loss in the last three months ended Dec 31, 2017 as revenue drops by more than a quarter to RM106.8mil.
This is the group’s second consecutive quarters of losses.
Encorp attributed the weak financial performance slower sales, coupled with losses in fair value of its property investment asset and land held for development.
“The outlook for the property sector remains mixed,” it said in a filing with Bursa Malaysia today.
For the full year, the company registered a loss of RM30.4mil.
“Despite the mixed outlook for the sector, the group has always been cautiously optimistic on the property market as is always striving to development attractive products and to constantly innovate in this challenging environment,” it said.