Magma's losses widen, revenue falls in Q1
The company recorded a net loss of RM6.9 million for the quarter, compared to RM4.27 million in the same period last year, as revenue declined 8.5 per cent to RM6.3 million from RM6.9 million, according to a bourse filing.
Its revenue from the hotel operation segment amounted to RM5.73 million, lower than RM6.29 million a year earlier.
Meanwhile, the hotel management segment posted revenue of RM609,000, down from RM636,000 previously.
In a statement, Magma said it has completed the acquisition of a 0.9-hectare plot in Mont Kiara valued at RM80 million and balance sheet restructuring.
The land is slated for future commercial development and positions Magma for long-term growth in the urban property segment.
The company also entered into a joint venture with Chagee (M) Sdn Bhd that will spearhead the expansion of Chagee's retail presence nationwide while introducing curated tea experiences that align with evolving consumer trends.
Magma group managing director cum group chief executive officer Datuk Seri Thomas Liang Chee Fong said while Q1 results reflect transitional headwinds, the completion of land acquisition and strategic partnership with Chagee mark a meaningful shift in corporate narrative.
"We are repositioning Magma as a forward-looking hospitality and lifestyle group, leveraging our core strengths to unlock new revenue streams, strengthen brand equity and align with the evolving Malaysian consumer.
"With a stronger foundation now in place, we see compelling opportunities to scale recurring income across hospitality, food and beverage and property in a sustainable and value-accretive manner," he added.
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