KUALA LUMPUR: Serba Dinamik Holdings Bhd's net loss narrowed to RM80.67 million in the first quarter ended September 30, 2023 (1QFY24) against RM104.60 million registered a year ago.
This was on a 93 per cent drop in revenue to RM13.8 million from RM213.58 million a year ago.
The company filed its 1QFY24 financial results one day after Dec 7, 2023.
The deadline it had set when it announced that it would miss the Nov 30, 2023 deadline submission as per listing requirements.
According to its filing with Bursa Malaysia Securities Bhd, revenue mainly came from operations and maintenance (O&M) segment, with 90.5 per cent contribution, while most of the remaining revenue was from engineering and technology and other services.
It also recorded a loss before tax of RM55.7 million in Q1FY24 as compared to RM36.42 million in Q1FY23.
On geographical segmentation, the South-East Asia region contributed RM5.0 million during the quarter, most of which was revenue generated in Malaysia.
Internationally, the group recorded no revenue in the Middle East.
However, the group recorded a revenue of RM8.7 million from Europe through its subsidiaries.
On prospects, Serba Dinamik said the board of directors anticipates the group's operations will remain challenging going into 2024 due to the uncertainty of the global economy as well as the current challenges the company is facing from a liquidity perspective.
"The group believes that the O&M segment will 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 added.-ends-