KUALA LUMPUR, Jan 26 — Country View Bhd’s pre-tax profit for the financial year ended Nov 30, 2015, dropped sharply to RM29.55 million from RM95.70 million in the previous year.
Revenue fell to RM110.76 million from RM185.02 million a year ago, it said in a filing to Bursa Malaysia today.
The group said both pre-tax profit and revenue, which was mainly derived from the property development division, decreased 69% and 40%, respectively.
Country View said it remained cautious about its prospects for the current financial year ending November 30, 2016, due to the impact of property cooling measures, stricter lending requirements by financial institutions, the intensifying competition among developers and weak market sentiment.
However, the group expected its revenue and profit to be driven by the triple-storey shop offices, service apartments and triple storey super link terraced houses at Iskandar Puteri, Johor.
The group was also planning to launch further residential properties in Iskandar Puteri and industrial lots in Kedah in the coming year.