KUALA LUMPUR: KUMPULAN JETSON BHD [] posted net loss RM1.09 million in the first quarter ended March 31, 2011 compared to net profit RM981,000 a year earlier, due mainly to lower revenue contributions from its CONSTRUCTION [] and property division.
Revenue for the quarter fell to RM30.09 million from RM52.82 million. Loss per share was 1.69 sen while net assets per share was RM1.76.
Reviewing its performance on Monday, May 30, Kumpulan Jetson said the loss for the period under review was due to adaptation of new accounting policy (IC 12 ' Service Concession Agreements) which resulted in higher amortisation charged on hostel building.
However, it said the decrease in the operating expenses resulted by savings in administration expenditure and lower provision for doubtful debts had cushioned the effect of drop in revenue.
On its prospects, the company said the global economy was projected to remain frail with recovery uneven and growth remains highly dependent on the government support as well as domestic consumption.
'Accordingly, the directors foresee that the operating environment of the Group remain challenging and competitive.
'As a result, the group will continue to exercise prudent management and focus on its affirmative measures to minimise its impact,' it said.
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Revenue for the quarter fell to RM30.09 million from RM52.82 million. Loss per share was 1.69 sen while net assets per share was RM1.76.
Reviewing its performance on Monday, May 30, Kumpulan Jetson said the loss for the period under review was due to adaptation of new accounting policy (IC 12 ' Service Concession Agreements) which resulted in higher amortisation charged on hostel building.
However, it said the decrease in the operating expenses resulted by savings in administration expenditure and lower provision for doubtful debts had cushioned the effect of drop in revenue.
On its prospects, the company said the global economy was projected to remain frail with recovery uneven and growth remains highly dependent on the government support as well as domestic consumption.
'Accordingly, the directors foresee that the operating environment of the Group remain challenging and competitive.
'As a result, the group will continue to exercise prudent management and focus on its affirmative measures to minimise its impact,' it said.
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