KUALA LUMPUR, Dec 8 (Bernama) -- Serba Dinamik Holdings Bhd’s net loss narrowed to RM80.67 million in the first quarter ended Sept 30, 2023 (1Q FY2024) from a net loss of RM104.60 million in the same period last year supported by its engineering, procurement, construction and commissioning (EPCC) business, which is the only segment that did not make a loss in the quarter under review.
Revenue, however, fell to RM13.75 million from RM213.58 million previously.
In a filing with Bursa Malaysia today, the financially distressed oil and gas (O&G) service provider said apart from the EPCC business, all other businesses sank into the red in 1Q FY2024 led by its operation and maintenance (O&M) segment that recorded a widened gross loss of RM49.35 million from RM53.15 million in the same quarter last year.
It said the education and training (E&T) and other services segment fell into a gross loss of RM4.97 million in 1Q FY2024 against a gross profit of RM322,000 in 1Q FY2023 while the gross loss of its information and communication technology (ICT) business widened to RM253,000 from a gross loss of RM117,000 in the same quarter last year.
The Practice Note 17 (PN17) company said corporate expenses and consolidation elimination also posted a gross loss of RM22.11 million in 1Q FY2024 versus a gross loss of RM67.24 million in the same period last year.
“On geographical segmentation, South-East Asia region contributed RM5 million during the quarter, most of which was revenue generated in Malaysia,” it said.
It said internationally, the company recorded no revenue in the Middle East but recorded a revenue of RM8.7 million from Europe through its subsidiaries.
Moving forward, Serba Dinamik said the board of directors anticipated that the company’s operations would remain challenging due to the uncertainty of the global economy as well as the current challenges the company is facing from a liquidity perspective.
It said the O&M segment would remain its core competency and provide the fundamentals of its operations.
“With the group being classified as a PN17 company, the board pledges to resolve the ongoing issue, including the restructuring and regularisation plan, in the best interests of stakeholders,” it said.
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