KUALA LUMPUR (May 30): Mulpha Internatinational Bhd’s first quarter net loss narrowed to RM1.15 million, from RM3.82 million a year earlier, thanks to higher contribution from its property and investment divisions.

Higher sales in Mulpha Norwest development in Sydney lifted earnings at the property division, Mulpha said in a filing today.

Its investment division, on the other hand, was helped by better exchange rate movements during its first financial quarter ended March 31, 2017 (1QFY17).

However, dragging its performance was weaker performance by the group’s hospitality division, which saw RM33 million in impairment due to wind and water damage incurred by its hotel in Haymand Island, Australia, as a result of Cyclone Debbie in March.

Mulpha said losses per share came down to 0.04 sen, from 0.18 sen in 1QFY16.

Revenue meanwhile rose 52.77% to RM309.27 million, from RM202.44 million, after the property segment revenue more than doubled year-on-year, while hospitality and investment divisions also made higher contributions.

On prospects, Mulpha said it is cautiously optimistic of its mid- to long-term performance. “We believe the group is well-positioned to take advantage of future growth opportunities, based on its strong and geographically diversified property portfolio located in Malaysia, Australia and the United Kingdom,” it added.

Shares of Mulpha closed half a sen or 2.13% higher at 24 sen today, giving it a market capitalisation of RM766.72 million.