Guocoland posts Q3 loss, sees lacklustre property market

KUALA LUMPUR: Guocoland (M) Bhd, the property firm controlled by billionaire Tan Sri Quek Leng Chan reported a loss in the third quarter ended March 31 on lower sales of completed units.

The company expects the domestic property market to remain lacklustre in the subsequent period of year 2019 due to the continued weak market and consumer sentiments.

“The overall momentum and prospects of the property market in the short term is expected to remain soft and challenging,” it said in a filing with Bursa Malaysia today.

Guocoland made a loss of RM6.96mil in the third quarter on revenue of RM95mil. cumulative nine-month losses ballooned to RM20.8mil.

Quek, in April last year, resigned from his post as chairman of Guocoland, but his flagship company remained the single largest shareholder in the property developer.

Source : TheStar