Thursday, December 29, 2011

Trinity Corp's net loss narrows to RM29m in 3Q from RM83.29m yr ago

KUALA LUMPUR (Dec 29): Trinity Corporation Bhd (formerly TALAM CORPORATION BHD []) posted net loss of RM29.26 million in the third quarter ended Oct 31, 2011 from RM83.29 million a year ago.

It said on Thursday the losses were due to an impairment provision of RM9.20 million made on a piece of development land to be sold to a third party and also provisions made for doubtful debts of RM14.93 million.

Its revenue shrunk 27% to RM37.01 million from RM50.68 million mainly due to lower progress billings from the development projects. Loss per share was 0.74 sen compared with 2.76 sen a year ago.

Trinity said for the nine-month period, its net loss was RM54.08 million compared with the losses of RM81.48 million in the previous corresponding period.

Its revenue jumped 247% to RM434.78 million from'' RM125.29 million boosted by the completion of the disposal of the 1,322.44 acres of land in Bukit Beruntung 2 to Menteri Besar Selangor (Incorporated).

The pre-tax loss for the current year-to-date of RM52.68 million as compared to a pre-tax loss of RM74.23 million a year ago was due to lower gross margins mainly due to foreseeable loss provision of RM13.80 million on certain development projects of the group.

Trinity'' said it would also be affected by impairment provisions totaling RM46.30 million consisting of RM37.10 million on two pieces of leasehold development land proposed to be disposed to an associated company and RM9.20 million on a piece of leasehold development land proposed to be disposed to a third party.

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