Jade Marvel Group Bhd, formerly known as JMR Conglomeration Bhd anticipates that property sales in Malaysia will soften next year due to the challenging global economic outlook.
The developer said that rising construction and compliance costs, as well as stringent lending policies, will also affect the property market.
In a filing with Bursa Malaysia, Jade Marvel said that in the current financial year ending March 31, 2021, the group will focus on developing the rest of SA65 at Simpang Ampat.
SA65 is a residential project comprising 67 units of three-storey terrace houses and 30 semi-detached homes.
Jade Marvel said that despite the intense competition within the property industry, it will continue its effort to maintain its competitiveness in the market.
The Board is cautiously optimistic that the group will remain resilient in the current financial year, it said.
In the six months ended September 30, 2020, the group registered revenue of RM4.14 million as compared to revenue of RM5.85 million in the preceding year’s corresponding quarter.
The group recorded a pre-tax loss of RM1.25 million for the six months to September, as compared to a pre-tax loss of RM760,000 million posted in the preceding year’s corresponding period.
Jade Marvel said revenue for the six months period fell by 29.23 per cent, as there were lesser activities in the group’s property development division.
It said that there was no revenue from the division in the period under review, as versus to RM1.41 million registered in the same period last year.
The property development division also recorded an operating loss of RM820,000 as compared to the operating loss of RM750,000 in the corresponding period.