MK Land rethinks sales strategy
MK Land Holdings Bhd will improve sales efforts and venture for the first time into landed property in the Klang Valley to strengthen the group’s profitability, its executive director Datuk P Kasi said. On Wednesday, the property developer announced a lower net profit of RM15.22 million for its first quarter ended Sept 30, 2005, compared with RM20.8 million a year ago, while revenue fell 35.36% to RM114.71 million from RM177.73 million previously. For the financial year ended June 30, 2005 (FY05), MK Land posted a net profit of RM120.21 million, 25.6% lower than the RM161.57 million a year ago. Revenue slid 2.23% to RM904.99 million from RM925.67 million. Speaking to reporters following the company’s AGM and EGM in Shah Alam on Nov 24, Kasi blamed slow sales, delays in construction and provisions for late delivery charges as the main causes of the weaker financial performance. He said that in order to maintain FY05’s performance, MK Land would have to launch new products and...