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Astaka warns of second-quarter losses on weak property sales

PROPERTY developer Astaka Holdings on Thursday warned that the group is expected to report a net loss for the second quarter ended Dec 31, 2018, based on a preliminary assessment of its unaudited financial results.

"The group is expected to report a loss after tax, which is mainly attributable to the allowance for the foreseeable losses for the initial phases of the Bukit Pelali @ Pengerang project and the slowdown in sales of the remaining unsold units at The Astaka @ One Bukit Senyum project, which was completed in June 2018 and commanded higher margins than the group’s other ongoing projects, due to the weak overall general property market outlook in Malaysia," it said.

Astaka is in the process of finalising its financial results for the quarter, which will be released by Feb 14.