By THE STAR
SUBANG JAYA: Farlim Group (M) Bhd, which is involved in property development and investment holding, expects to announce more projects later this year.
Chairman Datuk Seri Lim Gait Tong said after the company AGM yesterday that it had to get approval from the relevant authorities before revealing details of the projects.
According to its latest annual report, Farlim has about 441 acres of vacant land earmarked for future development.
These parcels of land are in Penang, Pahang and Terengganu.
The report added that the group’s plan to develop medium-cost residential units remained unchanged as part of its strategy to develop affordable and quality homes.
Lim said there were on-going projects in Selangor and Malacca.
“In Selangor, the Saujana Impian project is currently in the third phase of development. It has a gross development value (GDV) of RM200mil and we expect to complete it within five years,” he said.
Lim added that the housing project in Malacca, with GDV of under RM10mil, was scheduled for completion in a couple of years.
For the financial year ended Dec 31, 2006 (FY06), Farlim recorded net profit of RM4mil against net loss of RM29.4mil in FY05.
The drop in its turnover to RM168.4mil in FY06 from RM216.4mil in FY05 was due to the disposal of investments in China last year.
For the first quarter ended March 31, the group registered net loss of RM2.4mil on turnover of RM6.1mil, compared with net loss of RM5.5mil on turnover of RM43mil in the previous corresponding period.
The lower figures were mainly due to the completion of the disposal of its foreign investments in China.
Therefore, there would be no further turnover and net loss attributed from foreign operations for the financial year to date under review.