KUALA LUMPUR: Country Heights Holdings Bhd registered a net profit of RM2.0 million in the first quarter (Q1) ended March 31, 2022 from a net loss of RM5.2 million a year ago.

The company's revenue rose 19.5 per cent to RM9.2 million in Q1 2022 compared to RM7.7 million for the previous year.

For the quarter under review, Country Heights's healthcare division recorded revenues of RM5.8 million compared to RM5.1 million in the same quarter for 2021. 

It said the Covid-19 RT VCR testing and vaccine service contributed to the revenue increase. 

The company's resorts and hospitality division recorded revenue of RM1.1 million in the current quarter compared to RM0.9 million last year.

"This was mainly due to contributions from Palace Vacation Club timeshare membership. 

"Our plans to relaunch Mines Beach Resort in Q3 2022 will further increase the hospitality revenue for FY22," it said. 

On segment profit, Country Heights said it recorded revenue of RM6.0 million for Q1 2022 compared to a segment loss of RM1.2 million for the same quarter of 2021. 

The increase in the segment profit resulted from the waiver of debts amounting to RM7.2 million from the Golden Horse Palace Bhd under the scheme of arrangement in the current quarter of 2022. 

The Palace of the Golden Horses hotel has been temporarily closed since June 2020 to restructure its overall operations.

Managing director Datuk Jared Lim said FY22 would be a strong profitable year as the economy opened up and it began releasing its products for sale in Q2 2022. 

"Even as we begin launching our RM300 million property program to monetise our realisable net asset value, we remain committed to adopting technology to transform our business model.

"This  includes executing the partnership with JD.com and the development of Mines Smart City," said Lim.