Metrod Holdings Bhd saw its Malaysian operations, particularly its housing business, affected by the economic situation last year.
Hence, managing director and chief executive officer Pratik Basu said, Metrod's local performance for the financial year ended Dec 31, 2011, would be slightly lower than that previously.
"Several private projects such as housing were delayed due to the economic situation," he said after the company's extraordinary general meeting (EGM) today.
For the current financial year, Basu expects the company's Malaysian operations to record an outcome similar to that of 2011.
However, he said the overall performance of the company for the current year would be better than 2011, due to the extraordinary gains of about RM74.5 million from the disposal of the group's international operations.
Metrod's shareholders approved the disposal of its European unit at an EGM held today.
He said the disposal of ASTA Holdings GmbH was timely in light of the current volatile and uncertain global economic conditions, increased market competition, threat of recession and deteriorating future outlook.
Basu said the company had not decided on plans for the proceeds from the disposal.
"We do not have any plan at this point of time. We will only receive the proceeds in the next couple of months. Looking at the uncertainty in the market and the economic conditions, it's good to hold on to cash for a short period," he said.
He also said that the company was looking at several industrial sectors for expansion. -- Bernama
Hence, managing director and chief executive officer Pratik Basu said, Metrod's local performance for the financial year ended Dec 31, 2011, would be slightly lower than that previously.
"Several private projects such as housing were delayed due to the economic situation," he said after the company's extraordinary general meeting (EGM) today.
For the current financial year, Basu expects the company's Malaysian operations to record an outcome similar to that of 2011.
However, he said the overall performance of the company for the current year would be better than 2011, due to the extraordinary gains of about RM74.5 million from the disposal of the group's international operations.
Metrod's shareholders approved the disposal of its European unit at an EGM held today.
He said the disposal of ASTA Holdings GmbH was timely in light of the current volatile and uncertain global economic conditions, increased market competition, threat of recession and deteriorating future outlook.
Basu said the company had not decided on plans for the proceeds from the disposal.
"We do not have any plan at this point of time. We will only receive the proceeds in the next couple of months. Looking at the uncertainty in the market and the economic conditions, it's good to hold on to cash for a short period," he said.
He also said that the company was looking at several industrial sectors for expansion. -- Bernama
