SC Estate Builder net loss widens in Q3

PETALING JAYA: SC Estate Builder Bhd’s net loss has widened in the third quarter ended Oct 31, 2018 to RM913,000, from RM855,000 in the previous corresponding quarter due to the one-off expenses incurred for the rights issue.

Revenue for the quarter declined 23% to RM1.57 million, compared with RM2.03 million in the same period last year.

This was due to business from the trading of aluminium and machines parts that has been inactive despite there was an increase in the revenue generated from the construction/project management segment and the trading of building materials segment, the group said in a Bursa Malaysia filing.

For the nine months period, its net loss narrowed to RM1.74 million, from RM1.8 million a year ago, while revenue plunged 57% to RM5.97 million, against RM13.87 million previously.

On its prospects, the group said although it is cautious about the current challenges in the construction industry, it will continue to seek ways to improve its financial performance for the current financial year.

Currently, the group said it is focusing on its efforts to complete the existing construction contract in hand and will continue to secure more contract to replenish its order book as well as to improve the group’s overall performance.

The current construction project is progressing within expectation, it added.

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