This article first appeared in The Edge Financial Daily, on May 18, 2016.

KUALA LUMPUR: Malaysia Pacific Corp Bhd (MPCorp) narrowed its net loss to RM3.02 million or 1.05 sen per share for its third financial quarter ended March 31, 2016 (3QFY16) from RM5.17 million or 1.8 sen per share a year ago, on lower provision of revolving credit interest.

Revenue fell 13.7% to RM2.87 million from RM3.33 million in 3QFY15 due to lower occupancy rate and further delay in property sales in Iskandar Malaysia, Johor, compared to the preceding year’s corresponding quarter.

For the nine-month period (9MFY16), however, MPCorp’s net loss widened to RM11.91 million or 4.14 sen per share from RM5.73 million or 1.99 sen per share a year ago, mainly due to lower revenue and provision for legal compensation in the current financial period.

Revenue for 9MFY16 fell 29.8% to RM7.26 million from RM10.34 million in 9MFY15.

In a filing with Bursa Malaysia yesterday, MPCorp said its investment property segment is expected to contribute to the group’s results for the full financial year ending June 30, 2016 (FY16).

“The group’s prospects for FY16 will remain challenging,” it added.

In a separate filing, MPCorp said its chairman Datuk Muralee Y S Menon had resigned from his position, citing personal commitments as the reason. Muralee has been the chairman since Nov 9 last year.

MPCorp shares closed unchanged at 20.5 sen yesterday, with a market capitalisation of RM58.97 million.