KUALA LUMPUR (Aug 30): YNH Property Bhd has reported its third straight quarterly loss, blaming it on higher administrative and operating costs.

The group’s net loss widened to RM13.5 million for the quarter ended June 30, 2023, from RM1.27 in the preceding quarter ended March 31, 2023, and RM4.68 million in the October-December 2022 quarter.

There are no comparative year-on-year figures, as the group had changed its financial year end to June 30, 2023 from Dec 31, 2022, the group said in a bourse filing on Wednesday.

YNH recorded a quarterly revenue of RM66.05 million for April-June 2023, up 93.03% from RM34.22 million in the preceding quarter.

Moving forward, YNH expects its Solasta Dutamas residential development project in Mont Kiara, which has a gross development value of RM750 million, to contribute positively to the group in the next three financial years.

Other projects in the pipeline that the group said will contribute to its earnings are Menara YNH in Kuala Lumpur City Centre, as well as the development of a few pieces of land in Kuala Lumpur and Perak (Ipoh and Seri Manjung), and a land bank in Genting Highlands.

YNH shares closed unchanged at RM5.03 on Wednesday, valuing the group at RM2.66 billion. The stock has rebounded 18.35% from this year’s low of RM4.25.