KUALA LUMPUR: Damansara Realty Bhd (DBhd) group chief executive officer Mohd Fazlin Shah Mohd Salleh has resigned after only a year at the helm.
In a filing with Bursa Malaysia on Friday, the property developer and facility manger said Fazlin Shah, 47, stepped down to pursue “his other personal interest.”
Prior to joining the property development and construction group, he was in senior positions at several technology-based companies, including software solutions firm Clarity OSS, Alcatel-Lucent and Huawei Technology.
In a separate filing, DBhd disclosed it had posted its worst unaudited quarterly earnings in just over five years.
DBhd announced a loss attributable to equity holders of RM6.02mil in the second quarter (Q2) ended June 30, 2016 -- 37% more than the loss recorded in the corresponding quarter last year -- with revenue marginally lower at RM44.6mil.
For the first half of this year, the company incurred a cumulative loss of RM9.87mil versus a profit of RM180,000 in the corresponding six months of 2015.
“This was mainly due to deferred and delayed sales of properties due to current property market climate and rigid financing support by financial institution in general,” it explained.
“DBhd will maintain its focus on its sales to institutional buyers and strategic partners. Our persistent promotions and targeted buyers are progressing positively with genuine potential buyers showing interest and significant numbers of bookings were received in Q3,” the company said.
“We strongly believed that institutional investors (property) will respond positively in the second half of 2016 in a ‘buyers market’. We anticipate that sales of completed properties will be realised in Q3 and Q4 especially for our properties in Aliff Square, Johor Baru and Damansara Hills 1 in Kuantan, Pahang.”
DBhd said its property services segment (facility management, cleaning and project management consultancy) had completed almost 50% of its turnaround exercise to weed out loss-making and unacceptable low margin contracts that pulled down profits and earnings.
“We are zooming into a few potentials especially in facilities management contracts in the near future,” it added.
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