JAPAN Land yesterday reported a net loss of $3.68 million for the first quarter to Aug 31, compared with a loss of $588,000 for the period from April 1, 2008, to Aug 31, 2008. The company changed its financial year end from March 31 to May 31.
Revenue was $1.2 million, down from $3.8 million. Net loss from continuing operations was $1.67 million, from a profit of $1.94 million in the comparable period.
The results included a loss attributable to associates of some $2 million. They relate to investments in Japan Asia Holdings Limited and Japan Asia Group Limited held for sale.
The company said that as at Aug 31, 2009, the fair value of Japan Asia Group exceeded its carrying amount by $10.4 million. In accordance with FRS 105, which requires an asset held for sale to be stated at the lower of its carrying amount and fair value less costs to sell, the excess of $10.4 million has not been recognised.
Source : Business Times – 15 Oct 2009
Lush Dream Home 