KUALA LUMPUR (March 30): Trinity Corporation Bhd posted net losses of RM62.98 million in the fourth quarter ended Jan 31, 2011, which narrowed from the RM85.60 million a year ago, mainly due to loss on disposal of four units, impairments and doubtful debts.
It said on Friday that its pre-tax loss was RM64.81 million compared with RM79.52 million. However, its revenue increased 240% to RM197.53 million from RM58.10 million due to higher progress billings generated from the development projects and billings on sale of land.
Loss per share was 1.55 sen compared with 2.49 sen. Its net asset per share was 14 sen.
Commenting on the 4Q results, Trinity Corp said the property development and investment division accounted for 96.4% of the pre-tax loss.
“The current year quarter loss is mainly attributable to loss on disposal of four wholly-owned subsidiary companies of RM23.17 million, provision for impairment of land held for property development of RM36.31 million, provision for impairment on inventory of RM6.45 million and provision for doubtful debts of RM11.30 million.
“This was mitigated by gains arising from waiver of debt by a creditor of RM30.94 million and reduced finance cost,” it said.
For the financial year ended Jan 31, 2012, it registered a smaller net loss of RM117.07 million compared with RM167.08 million in the previous financial year. Revenue increased by 245% to RM632.31 million from RM183.39 million.
The higher revenue was mainly due to the completion of the disposal of the 1,322.44 acres of land in Bukit Beruntung Two to Menteri Besar Selangor (Inc).
Explaining the losses, Trinity Corp said it was due to the provision for impairment on land held for property development of RM45.54 million, provision for impairment loss on inventory of RM6.45 million, loss on disposal of four units of RM23.17 million and provision of doubtful debts of RM28.60 million.
However, the provisions were mitigated by higher operating income, mainly due to the waiver of debt by a creditor of RM30.94 million and gains of RM21.82 million arising from the conversions of preference shares and early redemption/conversion of loan stocks and reduced finance cost.
It said on Friday that its pre-tax loss was RM64.81 million compared with RM79.52 million. However, its revenue increased 240% to RM197.53 million from RM58.10 million due to higher progress billings generated from the development projects and billings on sale of land.
Loss per share was 1.55 sen compared with 2.49 sen. Its net asset per share was 14 sen.
Commenting on the 4Q results, Trinity Corp said the property development and investment division accounted for 96.4% of the pre-tax loss.
“The current year quarter loss is mainly attributable to loss on disposal of four wholly-owned subsidiary companies of RM23.17 million, provision for impairment of land held for property development of RM36.31 million, provision for impairment on inventory of RM6.45 million and provision for doubtful debts of RM11.30 million.
“This was mitigated by gains arising from waiver of debt by a creditor of RM30.94 million and reduced finance cost,” it said.
For the financial year ended Jan 31, 2012, it registered a smaller net loss of RM117.07 million compared with RM167.08 million in the previous financial year. Revenue increased by 245% to RM632.31 million from RM183.39 million.
The higher revenue was mainly due to the completion of the disposal of the 1,322.44 acres of land in Bukit Beruntung Two to Menteri Besar Selangor (Inc).
Explaining the losses, Trinity Corp said it was due to the provision for impairment on land held for property development of RM45.54 million, provision for impairment loss on inventory of RM6.45 million, loss on disposal of four units of RM23.17 million and provision of doubtful debts of RM28.60 million.
However, the provisions were mitigated by higher operating income, mainly due to the waiver of debt by a creditor of RM30.94 million and gains of RM21.82 million arising from the conversions of preference shares and early redemption/conversion of loan stocks and reduced finance cost.
