KUALA LUMPUR (Feb 26): Malaysia Pacific Corp Bhd’s (MPCorp) net loss has narrowed by 8.77% to RM3.81 million in the second quarter ended Dec 31, 2017 (2QFY18) compared with RM4.17 million in the previous year's corresponding quarter on lower operating and administrative expenses.
Quarterly revenue decreased by 14.78% to RM1.49 million from RM1.75 million.
In a filing with Bursa Malaysia today, the Practice Note 17 (PN17) property company attributed the lower revenue to termination of tenancy which resulted in lower rental income and no revenue recognition from the property development segment.
However, for the cumulative six-month period ended Dec 31, 2017 (6MFY17), MPCorp’s net loss widened by 12.42% to RM9.26 million, against RM8.24 million a year ago mainly due to lower rental income, no revenue recognition from property development and higher operating costs.
Revenue fell 28.93% to RM3.09 million in 6MFY17 from RM4.36 million.
On prospects, MPCorp believes the current financial year will be challenging due to the local economic situation and it is crucial to submit a comprehensive regularisation plan including addressing the going-concern issue.
MPCorp said on Dec 29, 2017, the group had appointed M&A Securities Sdn Bhd to submit an application to Bursa Malaysia for a further extension of time up to June 30, 2018, to make the requisite announcement and to submit the company’s regularisation plan to the regulatory authorities.
MPCorp was designated PN17 status in December 2014 after its external auditor Messrs UHY expressed a disclaimer opinion on its audited accounts for the financial year ended June 30, 2014 (FY14) and subsequently for FY15 and FY16 as well.
MPCorp shares closed 0.5 sen or 5.56% higher to 9.5 sen, giving it a market capitalisation of RM27.33 million. Over the past 12 months, the counter has fallen about 26.92%.