MPCB Register's Pre-tax Loss Of RM3.24 Million In Q3

25 May 2010 , By Bernama

Malaysia Pacific Corporation Berhad (MPCB) has registered a pre-tax loss of RM3.237 million in its third quarter ended March 31, 2010, against a loss of RM1.879 million in the same quarter of the previous year.

Revenue was lower at RM2.609 million from RM2.699 million previously.

MPCB said the bigger loss was due to an increase in advertising, promotional and marketing expenses and higher overheads in gearing for the Asia Pacific Trade & Expo City (APTEC) and LakeHill Resort City's big launch date.

In a filing to Bursa Malaysia today, MPCB said the loss correspondingly reduced the company's net asset value per share (NAV) to RM1.49 from RM1.51 for the period under review as compared to the immediate preceding financial period.

However, MPCB said the company would undertake a review of its current fixed assets, to reflect a fair NAV at the appropriate time in the foreseeable future.

As for APTEC, it said an application has been submitted to the Ministry of Tourism to become a registered tourism project.

Meanwhile, the application for Special Tax Incentives status for APTEC City is under consideration by the Iskandar Investment Committee.

MPCB said the approval of Special Tax Incentives will place the company on a trenmendous growth path of diversification for the company's future.