Landmarks names Wee as CEO, slips into red in 3Q

KUALA LUMPUR (Nov 18): Landmarks Bhd yesterday announced the appointment of Mark Wee Liang Yee as its new chief executive officer while it saw a net loss of RM14.46 milion in the third financial quarter ended Sept 30, 2016 (3QFY16).

According to its Annual Report 2015, Wee, 50, was the executive deputy chairman of the company since Sept 27 this year.

In a filing with Bursa Malaysia yesterday, Landmarks said Wee has been managing companies involved in the development of commercial projects as well as numbers forecast operations in Sarawak since the early 1980s.

He was appointed a director of Matrix International Bhd (now known as Berjaya Assets Bhd) in 2001, a position he held until 2005.

In a separate filing, Landmark reported a net loss of RM14.46 million or 3.01 sen per share in 3QFY16 compared with a net profit of RM389,000 or 0.08 sen per share a year earlier, despite revenue gaining 42.3% to RM21.93 million from RM15.41 million.

For the cumulative nine months (9MFY16), it sank deeper into the red with a net loss of RM18.36 million or 3.82 sen per share versus RM4.92 million or 1.02 sen per share in last corresponding period.

Its revenue rose to RM61.21 million, 32.2% higher against RM46.3 million in 9MFY15.

Moving forward, the company said The Andaman continues to be the main revenue contributor.

"The fourth quarter is the high season for the hotel. The on-the-books occupancy is ahead of pace compared with the same period last year and the hotel is expected to improve on its 2016 performance compared with 2015," it added.

It pointed out that November and December are the high season for The Canopi, capitalising on the school holidays in Singapore and the year-end holiday period.

"With additional attractions, activities and adventure experiences within Chill Cove as well as leveraging on the Crystal Lagoon and the mangrove, footfall in Treasure Bay Bintan is expected to increase with concomitant contribution in revenue in the fourth quarter," it added.

Shares in Landmark closed up one sen or 1.37% at 74 sen, valuing it at RM353.4 million. — theedgemarkets.com