News & Articles Covid-19 affects Magna Prima's ability to reduce its inventory
Covid-19 affects Magna Prima's ability to reduce its inventory
23 Aug 2021
Magna Prima Bhd expects the current financial year to be challenging due to the ongoing Covid-19 pandemic and the Movement Control Order which has affected its ability to reduce its inventory.
For the six months to June 30, 2021, the company's revenue grew by 66 per cent to RM3.7 million, from the previous corresponding period of RM2.3 million.
However, its pre-tax loss also increased by 43 per cent to RM13.2 million from RM9.2 million recorded in the previous corresponding period ended June 30, 2020.
In a filing with Bursa Malaysia, Magna Prima said it recorded higher revenue for the six months to June 30, this year due to the sale of a commercial unit in Boulevard Commercial Centre at Jalan Kuching, Kuala Lumpur.
The developer said there was higher pre-tax loss due to lower selling price for some of its properties, and an increase in operating expenses.
Boulevard Commercial Centre is a three-in-one integrated development comprising shop offices, services apartments and a concept retail mall.
Construction on the 4.14 hectare land with a gross development value of RM635 million commenced in 2011.
Boulevard Business Park is among Magna Prima's three signature projects. The other two are The Avare @ KLCC, and The Istana, Australia.
For the six months to June 30, 2021, the company's revenue grew by 66 per cent to RM3.7 million, from the previous corresponding period of RM2.3 million.
However, its pre-tax loss also increased by 43 per cent to RM13.2 million from RM9.2 million recorded in the previous corresponding period ended June 30, 2020.
In a filing with Bursa Malaysia, Magna Prima said it recorded higher revenue for the six months to June 30, this year due to the sale of a commercial unit in Boulevard Commercial Centre at Jalan Kuching, Kuala Lumpur.
The developer said there was higher pre-tax loss due to lower selling price for some of its properties, and an increase in operating expenses.
Boulevard Commercial Centre is a three-in-one integrated development comprising shop offices, services apartments and a concept retail mall.
Construction on the 4.14 hectare land with a gross development value of RM635 million commenced in 2011.
Boulevard Business Park is among Magna Prima's three signature projects. The other two are The Avare @ KLCC, and The Istana, Australia.
Source: NST.com.my