Menang Corp posts loss in 1Q due to land clearing and earthworks expenses, corporate exercises

KUALA LUMPUR (Nov 29): Menang Corp (M) Bhd posted a net loss of RM503,000 in the first quarter ended Sept 30, 2019, compared with a net profit of RM967,000 in the corresponding quarter last year.

In a bourse filing, the group attributed the loss to expenses stemming from land clearing, earthworks and provisions for the costs of proposed corporate exercises.

It reported a loss per share of 0.1 sen compared with earnings per share of 0.2 sen last year.

Quarterly revenue declined 21.43% to RM22,000, from RM28,000 a year ago.

In an interview with theedgemarkets.com yesterday, Menang Corp chief executive officer and managing director Too Kok Leng said the group was looking into purchasing income-generating real estate assets in the Klang Valley, with funds gained from the disposal of non-core assets.

The group announced on Wednesday that it was selling its concession asset to Widad Group Bhd for RM122 million cash.

The concession, parked under the Menang Corp's subsidiary Innovatif Mewah Sdn Bhd, manages the UiTM Seremban 3 campus in Negeri Sembilan.

Shares in Menang Corp were not traded today, and were last traded at 34.5 sen, valuing the company at RM165.88 million.