Magma group managing director Datuk Seri Thomas Liang Chee Fong
KUALA LUMPUR: Magma Group Bhd
is focused on raising its average room rates and maximising occupancy at its flagship hotels, which include Impiana KLCC Hotel, Impiana Hotel Ipoh, Impiana Hotel Senai, and WOLO Kuala Lumpur.
The hospitality group, which saw a surge in revenue, said the sector is poised for a significant uplift, bolstered by strategic initiatives outlined in Budget 2025, which forecasts a considerable increase in tourist arrivals next year.
In the third quarter ended Sept 20, 2024, Magma posted a net loss of RM2.89mil, as compared to a net loss of RM2.75mil in the year-ago quarter, due to one-off costs associated with corporate exercise expenses related to the RCN and stamp duty for refinancing of term loans.
The group's revenue jumped to RM8.29mil from RM4.54mil in the comparative quarter.
Over the nine months period, it recorded a net loss of RM8.98mil against a net loss of RM9.38mil in 9MFY23.
Revenue during the period under review was RM22.2mil compared to RM16.82mil in the year-ago period.
"The third quarter results reflect the growing strength of our hospitality business, particularly in the Hotel Operation segment, which has continued to deliver strong revenue growth.
"While one-off costs impacted our bottom line this quarter, these investments are part of our strategic efforts to solidify our financial foundation and enhance our long-term performance.
"We remain confident in achieving our goals as we move into the final quarter of FY24," said group managing director Datuk Sri Thomas Liang Chee Fong in a statement.
