For the financial quarter under review, the Group's business activities from continuing operations were in property development, oil and gas services and investment holdings. The Group's property development division comprises of the development of joint-venture property project in Taman Shamelin Perkasa and the redevelopment of a property in Central London. The Group's oil & gas services division, entails the trading and supply of specialty chemicals, provision of logistics services, engineering and fabrication works. The Group's investment holdings comprise of holding of investment in shares of subsidiaries and associate as well as management services and provision of financial services for companies within the Group.
For the quarter ended 30 June 2017, the Group recorded a lower profit before taxation from continuing operations of RM1.59 million as compared to RM3.54 million in last financial year's corresponding quarter, mainly on lower profit from property development division by RM2.66 million and higher loss from investment holdings business by RM1.99 million. Property development division recorded lower profit due to lower sales of inventory units of Shamelin Star which was completed in last financial year. The higher loss incurred by investment holdings division was mainly on higher staff costs resulted from higher bonus provision and an increase in the number of staffs and directors necessary to support the long term growth of the Group. On the positive side, oil & gas division shows a remarkeable increase in profit by RM2.70 million mainly contributed by higher sales in chemical products as more contracts were secured compared to last financial year's corresponding period.
The Group will continuously review its operating portfolio and will streamline it from time to time to maximise earnings. The management team's skills and knowledge are not limited to our current core businesses as we continue to look for opportunities to venture into other areas that the Group believes are value accretive and sustainable. Despite the challenging economic environment for property development and oil & gas services sectors, the Group expects the full year result to still be satisfactory and positive.
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