Sentoria’s leisure and hospitality division was adversely affected towards the end of the financial period with the outbreak of Covid-19 and the subsequent imposition of Movement Control Order restrictions, which led to a slump in visitor counts.
KUCHING: Sentoria Group Bhd (Sentoria) is confident of the future prospects of the group and its viability, despite the very challenging economic environment.
According to chairman Datuk Aznam Mansor, financial year 2020 (FY20) was a particularly challenging year for the group against an overall slow global and domestic economic landscape, which had affected the financial position and performance for most industry players.
“Notwithstanding the group’s strong performance in the past, it was also affected by the negative economic impact and recorded its first ever financial loss since its initial public listing back in the year 2012,” Aznam said in a statement in Sentoria’s Annual Report 2020.
“In addition to the effects of the adoption of MFRS 15 which reduced the recognisable revenue in the books, the property development division (PDD) had also suffered margin compressions arising from rising construction and development costs.
“Inevitably, the leisure and hospitality division (LHD) was adversely affected towards the end of the financial period with the outbreak of Covid-19 and the subsequent imposition of Movement Control Order (MCO) restrictions, which led to a slump in visitor counts.”
That said, Sentoria is confident of the group’s future prospects.
“Despite the very challenging economic environment, the Group is confident of the future prospects of the group and its viability.”
Aznam highlighted that in January 2020, the group had successfully delivered vacant possession for Taman Indera Sempurna 3 Phase A housing project in Kuantan.
“Subsequent to the financial period in June 2020, the group had again completed and handed over housing units under PR1MA 2 Phase 1 to the buyers.
“In addition, the market responses for new project launches as well as the ongoing projects in Kuantan and Morib remain encouraging.
“For the LHD, it is envisaged that operations would remain challenging and would require time before the operation
level normalises even as the country phases itself out of MCO constraints.”
The chairman further highlighted that moving ahead, the group will continue to focus on its core business in property development and construction and is taking all measures to optimise its resources in order to weather through the current challenges.
To note, Sentoria is involved in property development and construction (with its own construction arm) and the leisure and hospitality industry.
Its existing major property development and construction projects are located in Kuantan-Pahang, Morib-Selangor and Kuching-Sarawak.