Tradewinds Corporation Bhd registered a lower pre-tax profit of RM40.87 million for the nine months ended Sept 30, 2011 compared with RM67.36 million it posted for the same period in 2010.
Revenue during the period also shed to RM384.86 million against RM433.18 million previously.
The company attributed the drop in pre-tax profit to lower revenue recorded during the period as well as higher finance costs and lower contribution from associate companies.
In a filing to Bursa Malaysia, the group said it expected its financial performance this year to be lower than last year with several of its hotels undergoing refurbishment.
"The renovation of the hotels which will be completed in stages is expected to benefit the group in the medium term."
Its property investment division's operating performance is also expected to be affected as the group is embarking on the re-development of Menara Tun Razak and the construction of a new tower block.
The re-development would have a positive impact in the longer term, it added. -- Bernama
Revenue during the period also shed to RM384.86 million against RM433.18 million previously.
The company attributed the drop in pre-tax profit to lower revenue recorded during the period as well as higher finance costs and lower contribution from associate companies.
In a filing to Bursa Malaysia, the group said it expected its financial performance this year to be lower than last year with several of its hotels undergoing refurbishment.
"The renovation of the hotels which will be completed in stages is expected to benefit the group in the medium term."
Its property investment division's operating performance is also expected to be affected as the group is embarking on the re-development of Menara Tun Razak and the construction of a new tower block.
The re-development would have a positive impact in the longer term, it added. -- Bernama
