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.
Q2 FY2018 v Q2 FY2017
Profit before taxation from continuing operations of RM2.45 million for individual Q2 FY2018 was lower by 46% from RM5.38 million for the individual Q2 FY2017 due mainly to lower number of units sold for Shamelin Star which was completed in December 2016.
Meanwhile, oil & gas services division recorded a higher profit by 62% partly contributed by the derecognition of contingent consideration payable for acquisition of ENRA Engineering And Fabrication Sdn Bhd ("EEFAB").
Investment holdings division showed a higher loss of RM0.56 million mainly from higher staff costs resulting from increment and higher number of headcounts necessary to support the long term growth of the Group.
H1 FY2018 v H1 FY2017
For the 6 months period ended 30 September 2017, the Group recorded a lower profit before taxation from continuing operations of RM4.05 million as compared to profit before taxation of RM8.92 million in last financial year, mainly contributed by lower contribution from property development due to lower sales of residential units of Shamelin Star.
For the remainder of FY2018, the Group intends to complete the sale of its legacy property investment business namely our 60 strata titles in Holiday Plaza in Johor Bahru and 6 strata titles in Shamelin Business Centre.The Group also intends to complete the sales of its remaining unsold units in Shamelin Star and the sale and development of Portland Chambers in London.
Continuous efforts will be made to further grow the oil & gas services division including the successful chemical trading business. The Group is actively looking to replenish its land bank and development opportunities.The Group expects the result for current financial year to be satisfactory.
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