MyEG incurs net loss of RM97.5m for July-Sept quarter

KUALA LUMPUR: MY E.G. Services Bhd (MyEG) posted a net loss of RM97.47 million for the three-month period to Sept 30, 2018, against a net profit of RM56.11 million in the preceding quarter.

Revenue, however, increased to RM138.33 million versus RM107.44 million previously, it said in a filing with Bursa Malaysia.

The electronic government service provider attributed the loss mainly to a RM95.45 million impairment of amount due from an associate company and a RM76.29 million impairment of equipment in relation to the abolishment of the Goods and Services Tax regime.

Reasons for the better top-line performance include in the recognition of deferred revenue of RM19.94 million arising from the sale of solution to an associate company in previous years, and an increase in transaction volume from commercial services.

Moving forward, MyEG said it would continue to introduce innovative services leveraging on new technology to drive growth for the financial year ending Sept 30, 2019 (FY19).

“We are expanding our regional presence in Asia with the recent introduction of new joint ventures and services in the Philippines, Bangladesh and Indonesia. These are the new markets which potentially will also contribute to our growth for FY19,” it added.

MyEG’s financial year end has been changed from June 30 to Sept 30. As such, there was no proper comparative financial information available for FY18.

Source: NST