Reported in The Edge, Malaysia,(20/9/06)  Ireka Corporation Bhd’s executive director Lai Voon Hon had announced some turnaround strategies hoping to the turn the company’s bottom-line back to profitability. Earlier, the company has incurred a net loss of RM7.51 million in the first quarter to June 30, 2006 due maintly to its construction subsidiaries adversely affected by shortages and higher prices of construction materials and fuel.

The 3-pronged strategy are as follows:

·      proposed sale of The Westin Kuala Lumpur for RM455 million.

From the net cash proceeds, RM80 million would be set aside to repay the company’s debts, which would lower its gearing from 2.5 times to 1.7 times;

RM96.5 million would be for working capital to seize strategic opportunities related to construction, property development and information technology.

·     to bid for construction projects under the Ninth Malaysia Plan, and

·      continuing with its focus on property development. Its property subsidiary Ireka Land Sdn.Bhd  has a gross development value (GDV) of Rm1.2 billion. Incidentally, the company’s current projects included developments in Mont’Kiara, Sandakan as well as several in Vietnam, India and China.

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