PRG Holdings’ subsidiary to record RM4.2mil net loss

“(It also due to) an increase in administrative expenses due to professional fees incurred for the acquisition of Meinaide Holdings Group Ltd, which was completed on June 28, 2019, and pre-operating and administrative expenses incurred during the period for the group’s retail business, ” said PRG in a filing to Bursa Malaysia

KUALA LUMPUR: PRG Holdings Bhd’s 54.19%-owned subsidiary, Furniweb Holdings Ltd, is expected to record a net loss of RM4.2mil for the six months ended June 30, 2019, against a net profit of RM600, 000 achieved in the corresponding period of 2018 due to higher marketing and administrative costs.

“The group’s profitability for the period was mainly affected by an increase in marketing and distribution costs, as its retail business commenced operation in the second quarter 2019.