KUALA LUMPUR (Oct 30): Financially distressed property developer Meridian Bhd (KL:MERIDIAN) reported a wider net loss of RM1.7 million for its first quarter ended Aug 31,2026 (1QFY2027), compared with RM839,000 a year earlier, despite a sharp increase in revenue.
Quarterly revenue rose more than fourfold to RM2.57 million from RM557,000, mainly driven by property sales, according to its Bursa filing on Friday.
Property sales contributed RM2.45 million to revenue, while fresh fruit bunch sales and rental income contributingRM50,000 and RM70,000 respectively.
Despite the higher revenue, the group recorded a gross loss of RM327,000, compared with a gross profit of RM29,000 a year earlier. Finance costs also increased to RM456,000 from RM381,000.
Quarter on quarter, Meridian narrowed its net loss from RM7.03 million in 4QFY2026, mainly because the quarter included RM3.54 million in fair value losses on investment properties.
Looking ahead, Meridian said it would continue assessing the timing and pricing of its property launches while focusing on cost efficiency and improving operational effectiveness.
The group did not declare any dividend for the quarter.
The latest results come as Meridian faces delisting from Bursa Malaysia after the stock exchange rejected its fifth application for more time to submit a regularisation plan.
Trading in its shares was scheduled to be suspended from Friday, while its delisting, originally slated for Nov 3, has been deferred pending Bursa Malaysia's decision on the company's appeal, according to its latest quarterly report.
Meridian was classified as an affected listed issuer in September 2023 before falling into Practice Note 17 (PN17) status in April 2024 following an audit disclaimer.
The Edge previously reported that Meridian's external auditor, UHY Malaysia PLT, had raised concerns over the group's ability to continue operating, citing insufficient accounting records, uncertainties over asset valuations and defaults on bank borrowings.
As at Aug 31, 2026, Meridian had accumulated losses of RM241.54 million, while its current liabilities of RM73.82 million exceeded current assets of RM18.57 million.
For FY2026, Meridian recorded a net loss of RM11.18 million.