GEORGE TOWN (Aug 7): Country Heights Holdings Bhd’s (CHHB) incurred net loss of RM7.8 million for the second quarter ended June 30 (2QFY15), compared with net profit of RM7.2 million achieved in the corresponding period last year.

This is the second consecutive quarters that the property developer has been in the red, due to lower sales of completed inventories and lower progressive recognition of ongoing developments.

The company also attributed the losses to lower contribution from the hospitality, health and tourism division, as compared to 2014.

In a filing with Bursa Malaysia, CHHB said it posted loss per share to 2.86 sen, as compared to earnings per share of 2.63 sen in the previous corresponding quarter.

Quarterly revenue slipped 46% to RM33.2 million, from RM61.7 million in 1QFY14.

For the six month period ended June 30 (1HFY15), CHHB posted a net loss of RM13.17 million or 4.82 sen per share, compared with a net profit of RM26.46 million or 9.6 sen in 1HFY14.

Revenue for 1HFY15 slid 51% to RM68.5 million, from RM140.8 million last year.

Moving forward, CHHB (fundamental: 0.65; valuation: 1.1) said it has a series of projects in the pipeline, including those within the Mines Wellness City for launch this year and next year.

The projects comprise Aqualis, Waterfront Designer Suites and Mines Waterfront Designer Suites Tower Three and Four, Belleze Garden Homes Phase Three in Jitra, Kedah, Cyberjaya Phase Two condominium and double storey terrace house, and resort-style condominium project in Port Dickson, Negeri Sembilan.

CHHB's share price went down nine sen or 7.6% to close at RM1.09 today, giving it a market capitalisation of RM298.2 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)