Radar reports $293 000 loss

Profit-and-LossRadar Holdings has reported a $292 944 loss for the year ended June 30, 2015, which is slightly higher than the $273 880 recorded the previous year. The company attributed the loss to the worsening economic environment that resulted in low construction expenditure in both the private and private sector. To this extent, Radar’s turnover for the year was down 17 percent to $6,8 million compared to prior year, which was due to an 11 percent reduction in sales volumes at MacDonald Bricks.

MacDonald Bricks’ turnover declined 17 percent to $6,7 million compared to $8,1 million in the prior year, which was a result of the reduction in sales volumes as the local construction industry remained subdues during the year. The company said average selling prices realised also softened during the period under review, resulting in lower margins.

There was no significant re-investment in the division during the period under review. The performance of Radar Properties was largely flat during the year ended. Although rental income increased marginally driven by residential properties, commercial property occupancy was flat.

Voids and rental defaults were high during the year. Going forward, management aims to grow the business through engagement of private developers. The board did not declare a dividend for the year. — BH24.