VIZIONE HOLDINGS BERHAD ("Vizione" or the "Company")
PRESS RELEASE
ENTERS FY2017 FIRMLY IN THE BLACK WITH A NEW NAME, NEW DIRECTION AND NEW VIZION

Embargo-ed Until Tuesday, October 25th, 5:00pm (When the information is uploaded to Bursa Malaysia)

Vizione Holdings Berhad (formerly known as Astral Supreme Berhad) Enters FY2017 Firmly In The Black with A New Name, New Direction and New Vision

 FYE 31 May 2016 revenues of RM36.71 million, mainly from construction activities

 Profit after Tax of RM0.11million up from a Loss After Tax of RM0.91million in FPE 31 May 2015 (a 17-month period)

 Profit was contributed by construction gross profits of RM2.57million, other operating income of RM2.05million and gain on disposal of subsidiary Singatronics (Malaysia) Sdn Bhd (“Singatronics”) of RM0.19million

 The Group’s unaudited Q1 2017 results continue the growth trend with profit after tax of RM0.12million (higher than FYE 31 May 2016) on revenue of RM8.60million

 Mostly stable business development expected in 2017 in a persistently challenging environment

Kuala Lumpur, October 25, 2016 - Main board-listed construction and property development group, Vizione Holdings Berhad (formerly known as Astral Supreme Berhad) (“Vizione” and the “Company”) enters FY2017 firmly in the black with a new name, new directions and new vision as its turnaround continues.

Following its Annual General Meeting (“AGM”), held on 25 October 2016, the Company announced its audited results for FYE 2016 with revenue of RM36.71 million, mainly from construction activities. Encouragingly, Profit After Tax of RM0.11million was recorded, up from a Loss after Tax of RM0.91million for FPE 31 May 2015 (a 17-month period).

Profit was contributed from construction gross profits of RM2.57million, other operating income of RM2.05million and gain on disposal of subsidiary Singatronics, a loss-making manufacturing division of RM0.19million.

The Group’s gross profits were offset by operating and administrative expenses, impairment of receivables from the companies disposed by the Group, including Singatronics and Astral-GMO Sdn Bhd.

However, the Group recorded substantial losses in the last few financial years, which has led to an accumulation of losses in its balance sheet over time, standing at RM59.4million as at 31 May 2016 (audited).

Shareholders have approved a comprehensive capital reorganization plan that is squarely targeted at reducing accumulated losses, rationalizing the Company’s financial position, and positioning it towards future growth. The capital reorganization plan, and a rights issue will be rolled out towards the end of 2016.

The Group’s turnaround plan looks to be on track as the unaudited Q1 2017 results continue the growth trend with profit after tax of RM0.12million (higher than FYE 31 May 2016) on revenues of RM8.60million.

The Group’s core business has gradually shifted to construction and development as it has divested itself of its loss-making manufacturing subsidiaries. The existing Tawau and Kota Belud affordable housing projects are expected to contribute positively to the earnings of the Group, moving forward.

The focus on construction and development is well-timed as the Budget 2017 will provide vacant lands at strategic locations to GLCs & PR1MA to build more than 30,000 houses priced between RM150k to RM300k, the niche that the Group is active in.

Other significant initiatives aimed at first home buyers include PR1MA financing of loan up to 90% to 100%, stamp duty exemption of houses up to RM300,000 to help reduce cost of first home ownership.\

The Company is set to turnaround with expectations of stable business development in 2017 despite a persistently challenging environment.

Commenting on the Group’s results following the AGM, Chairman and Independent Non-Executive Director, Datuk Dr. Raman bin Ismail said that the Vizione is on a path to sustained profitability

“The Group is living up to its new name with a new vision, a new direction under the leadership of a new board and looks to be on a path to sustained profitability. Over the past two years, the Board has steadily steered the Group back to the black, culminating in last year’s profit. More encouraging l are the results for Q1 2017, with an unaudited profit after tax that is higher than the profit after tax for FYE 31 May 2016.”

“Stakeholders have expressed their confidence in the leadership and expertise of construction industry stalwart Group Managing Director, Dato’ Ng Aun Hooi and the Board, who have been collectively steering the Group’s return to the black, and have a firm hand in leading the Group to sustained profits.”

According to Vizione’s Group Managing Director, Dato’ Ng Aun Hooi the Group expects stable growth despite the challenging environment. He cited Budget 2017’s affordable housing positive allocations and initiatives as a possible boost for the Group.

“When the new Board was assembled, our first year was spent putting out fires and putting the house in order. It took us a longer period to steer the Group back to profitability, and we are pleased to announce that the unaudited results for Q1 2017 show our profits increasing.”

“Budget 2017 holds more possibilities for Vizione as there are allocations and initiatives that squarely target the construction and development niche that is our forte. The Group will continue to seek and secure new business opportunities including government projects, to expand its existing business in the construction and development sectors as there are opportunities,” Dato’ Ng explained.

The Annual Report 2016, and results for Q1 FY2017 are available for download at http://disclosure.bursamalaysia.com/FileAccess/viewHtml?e=2704734.

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For media enquiries please contact: Retna Vijayan PR Strategist About Communication Mobile: 012.639.8443 Off: 03.8075.6000 E-mail: retna.vijayan@aboutcom.com.my

Apparently there was a Press Release the day after the announcement of Vizione's Qoq 31/08/2016. Following the Press Release, there was a rise in interest. A rise in price along with above average volume might just show that the public might just have a different view from my personal opinion. On top of that, my opinion can always be incorrect.

Hence, i will conclude here that probably something is brewing in Vizione, and it is worth to take notice in the coming days. I hope to see announcement by the company on Bursa or through the news media for its future prospect, primarily in the winning of more attractive PPR projects along with the Budget 2017 theme of Affordable Homes. The next Qoq for 30/11/2016 will show us whether the existing Kota Belud and Tawau PPR projects are sufficient to produce a satisfactory financial statement. I still view the current earnings as below expectation as it could have been better.

Quoting from http://www.dailyexpress.com.my/

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