Trive Property posts wider loss in Q3

PETALING JAYA: Trive Property Group Bhd's net loss widened to RM2.8 million for the third quarter ended Oct 31, 2017 from RM304,000 a year ago, due to impairment loses from land and building as well as operation losses recorded during the period.

Revenue for the quarter under review fell by 81% to RM57,000 from RM299,000.

Net loss for the cumulative period of nine months stood as RM2.49 million compared with RM1.14 million recorded in the same period last year, while revenue rose 42.2% to RM2.7 million from RM1.9 million.

Barring any unforeseen circumstance, the group is confident of achieving a better financial performance on the back of its diversification into construction and property development through the acquisition of land in Kerteh, Terengganu; collaborations with Hubei Guang Bo New Energy Co Ltd and Fortunate Solar Technology Ltd; as well as turnkey contract awarded by Syarikat Perumahan Negara Bhd.

Its financial position is also expected to improve with the completion of corporate exercises such as debts restructuring plan, private placement, conversion of warrants to shares and the full settlement of bank borrowings.

On Bursa Malaysia today, Trive was unchanged at 4.5 sen with 6.53 million shares changing hands.