CHHB ... Mar 09

It will not be launching any new property project this year as part of its aim to conserve cash amid the current economic slowdown.

The company would focus on paring its debts and only start launching new property projects next year.

It still have a lot of existing properties for sale. And its leisure and health division is doing pretty well despite the economic downturn.

CHHB had also recently implemented a special instalment scheme to spur sales of its unencumbered stock of completed homes and bungalow lots. Under the scheme, purchaser would only have to pay 3% of the 10% downpayment upon booking and settle the remaining 7% over nine months, after which the buyer can occupy the property.

Financial Results …

CHHB slipped into the red in its fourth quarter ended Dec 31, 2008 (4Q08) with a net loss of RM5.73 million versus a net profit of RM98.1 million a year earlier due to the lower sale of properties and timeshares membership.

Revenue dropped 24.23% to RM44.88 million from RM59.23 million a year earlier, while loss per share was 2.08 sen versus earnings per share of 35.58 sen.

For FY08, net profit dived to RM13.6 million from RM100.48 million in FY07, on the back of RM240.97 million revenue, which was 9.64% higher than a year earlier.

CHHB had also diversified into preventive healthcare services business in 2007.

As at Dec 31, 2008, the company had cash and cash equivalents of RM9.14 million, which was 79.74% lower than a year earlier. Long-term borrowings stood at RM320.5 million.