KUALA LUMPUR: Guocoland (Malaysia) Bhd’s net loss widened to RM14.85 million in the second-quarter (Q2) ended December 31, 2019 from a net loss of RM12.65 million recorded previously.
In an exchange filing today, Guocoland said the net loss was due to lower sales of completed units and higher marketing cost.
Its Q2 revenue decreased 18.32 per cent to RM90.19 million from RM110.42 million a year ago.
For the first-half of the year, GuocoLand fell deeper into the red with RM24.85 million net loss compared to RM13.87 million loss recorded previously.
Its revenue reduced 26.4 per cent to RM138.51 million from RM188.18 million posted in the same period a year ago.
The company said domestic property market was expected to remain lacklustre in the subsequent period of its year ending June 30, 2020 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 challenging. The group will launch its projects according to prevailing market sentiments,” it added.