Friday, May 20, 2011

Time Engineering posts 1Q net loss of RM2.93m

KUALA LUMPUR: TIME ENGINEERING BHD [] posted net loss of RM2.93 million in the first quarter ended March 31, 2011 compared with net profit of RM871,000 a year ago as it was affected by the financing costs of its redeemable secured loan stocks.

It said on Friday, May 20 the revenue fell 35.5% to RM16.39 million from RM25.43 million mainly due to the completion of the projects in Vietnam. It reported loss per share of 0.38 sen compared with earnings per share of 0.11 sen.

However, it said its operational results would be sustained and expected an improvement in the business performance in the current financial year following 'the realisation of the business opportunities secured by the group between the last quarter of 2010 and the first quarter of 2011'.

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