Tawau, Kota Belud housing projects to boost Vizione earnings
Published on: Thursday, October 27, 2016
Kuala Lumpur: Vizione Holdings Bhd is set to turn around with expectations of stable business development in 2017, as it gradually shifts to construction and development from its loss-making manufacturing subsidiaries.In a filing to Bursa Malaysia yesterday, Vizione said its existing Tawau and Kota Belud affordable housing projects were expected to contribute positively to its earnings moving forward. "The company is living up to its new name (formerly known as Astral Supreme Bhd) with a new vision, a new direction under the leadership of a new board and looks to be on path to sustained profitability."Over the past two years, the board has steadily steered the company back to the black, culminating in last year's profit," said Chairman/Independent Non-Executive Director, Datuk Dr Rahman Ismail.
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Group Managing Director, Datuk Ng Aun Hooi, said 2017 Budget held more possibilities for Vizione."There are allocations and initiatives that squarely targeted the construction and development niche which is the company's forte," he said.Ng said the company will continue to seek and secure new business opportunities including government projects, to expand its existing business in the construction and development sector as there were opportunities. Under the 2017 Budget, the government will give the vacant pieces of land at strategic locations to government-linked companies and Perbadanan PR1MA Malaysia to build over 30,000 houses priced between RM150,000 and RM300,000, the niche that Vizione is active in. Stay up-to-date by following Daily Express’s Telegram channel.
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The revenue, however, fell to RM8.60 million from RM10.25 million previously, mainly due to the lower billings from the building projects as some of them had been completed in last quarter of financial year 2016 ended May 31. – Bernama
