KUALA LUMPUR: Eduspec Holdings Bhd reported a lower net loss of RM3.31 million in the first quarter (Q1) ended May 31, 2022, from a net loss of RM4.49 million a year ago.
Revenue increased 5.1 per cent to RM2.34 million from RM2.22 million reported in the previous year, mainly due to the progressive school resumptions from November 2021.
The loss after taxation (LAT) for the quarter is RM3.46 million compared to RM2.85 million LAT reported in the preceding quarter.
The higher loss of the quarter was mainly due to the increased unrealized foreign exchange losses on foreign currency denominated term loans, Edupec's Bursa Malaysia filing today showed.
The company paid no dividends during the current financial quarter.
On prospect, Eduspec said that due to the shifts in Malaysian government policies regarding the provision of internet technology (IT) learning programs and educational services at public schools in July 2018, coupled with the halt of the implementation of computer classes within the school timetable, the company's revenue had dropped substantially.
However, with the new policy reversal and introduction of science, technology, engineering and mathematics (STEM) as the new program replacing IT learning programs, the company will see substantial growth in revenue in the near future post-pandemic.
"Our Education Services to Parents (ESP) business has extended from just functions and services to parents under the 1Cube App to more products and solutions targeting parents and students outside the school ecosystem.
"No doubt this is a new segment for the company and will take a few more years to mature.
"We are confident that this new B2C model will be a significant contributor to the company's revenue in future," it said.