KUALA LUMPUR (March 31): Talam Transform Bhd saw its net loss narrow 91.2% on-year to RM11.29 million or 0.27 sen in the fourth quarter ended Jan 31, 2016 (4QFY16), compared with RM127.89 million or 2.95 sen previously, due to lower impairment provisions and other expenses.

In a filing with Bursa Malaysia today, Talam Transform’s revenue weakened by nearly 60% to RM32.02 million, compared with RM79.77 million in 4QFY15, due to lower sales of development lands.

The company said group pre-tax loss was RM8.22 million compared to a pre-tax loss of RM95.57 million in 4QFY15.

According to Talam Transform, its property development and investment division recorded a pre-tax loss of RM8.22 million versus a pre-tax loss of RM95.57 million last year, while revenue was 59.86% lower at RM32.02 million, from the RM79.77 million.

Its hotel and recreation division also recorded a lower pre-tax loss of RM4.37 million, compared to a pre-tax loss of RM4.46 million last corresponding quarter, due to the retrospective adjustment on the depreciation charges to restate the charge into the previous financial year.

The segment's revenue fell to RM980,000 from RM2.57 million, down by 61.87% from the same quarter last year, due to the cessation of operations.

Its annual net loss was improved by 85.4% to RM20.7 million or 0.49 sen per share, from RM141.74 million or 3.31 sen per share in FY15; while revenue fell 23.8% to RM155.93 million, from RM204.55 million.

Talam Transform said it has submitted its new development plans on various parcels of land and will launch them once approvals are obtained from the relevant authorities.

However, it foresees a challenging environment ahead, due to market conditions brought about by tougher lending guidelines by Bank Negara Malaysia and an increasing construction costs environment.

Shares in Talam Transform fell 0.5 sen or 9.09% to trade at five sen as of 12.30pm midday break today, for a market capitalisation of RM210.97 million.