Astaka Holdings flags net loss for FY20

ASTAKA Holdings expects to report a net loss for FY2020 ended June 30, owing to the weak sentiment in the Malaysian residential property sector and the disruption caused by the pandemic, it said in a filing to the Singapore Exchange on Wednesday.

Further details on the group's financial performance will be made available in the results, which will be announced on or before Aug 29.

In a business update, the group said it has resumed full operations, and its staff have returned to their workplaces following the partial lifting of the Movement Control Order in Malaysia on May 4. It added that it is on track for the construction of Bukit Pelali Phase 1B, and 2A and 2B of Bukit Pelali Township.

Astaka is scheduled to obtain the Certificate of Completion and Compliance of these phases by the last quarter of this year. Meanwhile, it has boosted digital and virtual marketing efforts for the sale of properties of its projects.

"With the uncertainties over the length of Covid-19 pandemic, the group will continue to engage its creditors and financial institutions (on settling) outstanding debts, working capital and future strategic options to unlock the value of its assets," it added.