RM6.9mil Q3 net loss for Guocoland

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

PETALING JAYA: Guocoland (M) Bhd reported a net loss of RM6.96mil for its third quarter ended March 31 from a net profit of RM63.58mil in the same quarter a year ago.

The company said in its quarterly announcement to Bursa Malaysia that it recorded a higher revenue of RM95.2mil for the current quarter under review compared to RM71.3mil in the preceding year’s corresponding quarter due to recognition from the launch of Emerald Hills in Cheras.