Published: Thursday February 28, 2013 MYT 7:08:00 PM

Zelan sinks into the red in Q3, RM20m losses

KUALA LUMPUR: Zelan Bhd sank further into the red, reporting losses of RM20.21mil in the third quarter ended Dec 31, 2012 compared with net profit of RM63.37mil a year ago.

It said on Thursday that revenue fell sharply by 85.2% to RM12.73mil from RM86.15mil a year ago. Loss per share was 3.59 sen compared with earnings per share of 11.25 sen.

"The loss for the quarter is derived from a gross loss of RM700,000 (Dec 31, 2011: gross profit of RM94mil), loss in fair value of derivative of RM6.6mil (Dec 31, 2011: RM26.1mil) resulting from the valuation of equity collar derivative embedded with the term loan and the impairment loss on the property, plant and equipment of the project in Abu Dhabi of RM6.7mil. The loss is further impacted by other net operating and income tax expenses of RM6.3mil (Dec 31, 2011: RM4.5mil).

For the nine months ended Dec 31, 2012, it reported net losses of RM32.43mil compared with net profit of RM75.05mil. Its revenue shrank 76.4% to RM47.19mil from RM200.02mil in the previous corresponding period.

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