KUALA LUMPUR: Kumpulan Euro Bhd posted net loss of RM3.39 million in the first quarter ended April 30, 2010 compared with net profit of RM250,000 a year ago. The loss for the quarter was due to higher finance cost and lower other income, mitigated by lower operating expenses.
It said on June 30, 2010 that revenue was down 10% to RM8.84 million versus RM9.85 million a year ago. Loss per share was 0.7 sen versus earnings per share of 1 sen. The lower revenue mainly attributable to the lower billings by the group's manufacturing division.
The company's performance was also weaker compared with the preceding quarter where revenue decreased by 13% to RM8.84 million from RM10.18 million.
'Lower revenue achieved in the current quarter was mainly attributable to lower billings by the manufacturing division.'' For the same period, the Group's pre-tax loss decreased by 41.8% to RM3.13 million compared to RM5.38 million in the preceding quarter mainly due to lower operating expenses,' it said.
On the West Coast Expressway, KEuro said its 64.2%-owned Konsortium LPB Sdn Bhd, was still in discussion with the Government for further extension of time to finalise the financial close and to allow modification to certain terms and conditions of the concession agreement.
'The board of directors is optimistic of a favourable outcome in the next few months,' it said.
KEuro said work on the Canal City project which had started towards the end of 2007, would see some modifications.
However, the new State Government of Selangor has requested changes to the original privatisation plan, including omission of the main canal and its related work.
Under the revised proposal, basically, the land which had already been alienated to Canal City CONSTRUCTION [] Sdn Bhd (CCC), would be considered sold to 50%-owned Radiant Pillar Sdn Bhd, which owns 70% in CCC, at a price which has now been mutually agreed upon.
'The revised terms and conditions which have been worked out will soon result in a supplementary agreement to be signed with the State Government,' it said.
It said on June 30, 2010 that revenue was down 10% to RM8.84 million versus RM9.85 million a year ago. Loss per share was 0.7 sen versus earnings per share of 1 sen. The lower revenue mainly attributable to the lower billings by the group's manufacturing division.
The company's performance was also weaker compared with the preceding quarter where revenue decreased by 13% to RM8.84 million from RM10.18 million.
'Lower revenue achieved in the current quarter was mainly attributable to lower billings by the manufacturing division.'' For the same period, the Group's pre-tax loss decreased by 41.8% to RM3.13 million compared to RM5.38 million in the preceding quarter mainly due to lower operating expenses,' it said.
On the West Coast Expressway, KEuro said its 64.2%-owned Konsortium LPB Sdn Bhd, was still in discussion with the Government for further extension of time to finalise the financial close and to allow modification to certain terms and conditions of the concession agreement.
'The board of directors is optimistic of a favourable outcome in the next few months,' it said.
KEuro said work on the Canal City project which had started towards the end of 2007, would see some modifications.
However, the new State Government of Selangor has requested changes to the original privatisation plan, including omission of the main canal and its related work.
Under the revised proposal, basically, the land which had already been alienated to Canal City CONSTRUCTION [] Sdn Bhd (CCC), would be considered sold to 50%-owned Radiant Pillar Sdn Bhd, which owns 70% in CCC, at a price which has now been mutually agreed upon.
'The revised terms and conditions which have been worked out will soon result in a supplementary agreement to be signed with the State Government,' it said.
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