Wednesday, November 30, 2011

KUB posts net loss RM12.85m in 3Q after RM14.7m impairments

KUALA LUMPUR (Nov 30): KUB MALAYSIA BHD [] posted net loss of RM12.86 million in the third quarter ended Sept 30, a vast contrast from the net profit of RM2.49 million a year ago.

KUB said on Wednesday it had undertaken impairment assessments on its assets of underperforming subsidiaries and decided to provide impairment losses of RM14.70 million.

It said revenue did improve by 2% to RM181.64 million from RM178 million while loss per share was 2.31 sen compared with earnings per share of 0.45 sen.

For the nine-month period, its racked losses of RM19.12 million compared with net profit of RM5.30 million in the previous corresponding period. Revenue showed a 2.6% decline to RM521.89 million compared with RM535.78 million a year ago.

It said the weaker nine-month performance was due to non-materialisation of the ICT and other projects. It was also affected by higher food costs.

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