KUALA LUMPUR (May 16): Bina Darulaman Bhd (BDB) strives to return to the black in financial year 2020 (FY2020) after slipping into the red in 2017.
Its chief executive officer Faris Najihan Hashim said this will be driven by stronger demand for infrastructure projects, as well as housing development.
"Our income is 70 percent driven by infrastructure projects, both within and outside Kedah," he said after the signing of a Memorandum of Understanding (MoU) between BDB and Koperasi Telekom Malaysia Bhd (Kota Mas) here today.
The MoU was signed by Faris on behalf of BDB while Kota Mas was represented by its vice-chairman, Bistamam Mohd Zainal.
For the financial year 2018 ended Dec 31, 2018, BDB recorded a net loss of RM15.57 million compared with a net loss of RM14.85 million in the previous corresponding period.
Faris is optimistic that the company will be able to reduce its losses in the current financial year (FY2019).
He said the company is also looking to secure more infrastructure projects, as well as widen its property segment.
"Most of our houses are affordable housing, fetching below RM300,000, but for houses above the amount, we are collaborating with other developers," he added.
Meanwhile, the MoU is aimed at selling over 270 unit of houses worth nearly RM60 million in Bandar Darulaman, Jitra and Darulaman Perdana, Sungai Petani.
It is also meant to explore opportunities to develop, support and leverage on Kota Mas members in terms of property ownership to assist them in purchasing houses that will be developed by BDB in the northern region.