Jutajaya Holding Bhd (JHB) (KLSE:JAYA), which is currently undergoing a debt restructuring exercise, is still looking for a new core activity that can generate between RM7 million ($1.8m) and RM8 million in profit annually.

"I hope we can find one soon. We have been looking, but currently it is difficult to identify something that is suitable," said the JHB managing director and chief executive officer, Jackie Lim Poh Sim.

"We have been trying to identify something for the past 12 months but we haven't really found anything we are happy and comfortable with, one that would provide us with the kind of returns that we want," she told reporters after an extraordinary general meeting of company shareholders held earlier this week. However, she expected the group would be able to clinch a deal by next year.

She said Jutajaya hoped that the new core business would remain in the manufacturing sector, preferably in the apparel and garments industry or in the being food sector.

At the moment, Jutajaya operates one factory manufacturing sports garments on an original equipment manufacturer (OEM) basis in Bukit Mertajam, Penang, she said.

In the current year ending Dec 31, 2000, Jutajaya is expecting a loss of about RM9 million. But Lim expects the company's finances will rebound into the black with the launch of a property development project in Tebrau, Johor within the next few weeks.