Serba Dinamik Holdings Bhd has reported a widened net loss of RM1.3 billion for the financial year ending June 30, 2023 (FY2023), compared to RM1.09 billion in the previous year. This substantial loss was attributed to corporate expenses and the elimination of intergroup transactions.
Heading: Significant Drop in Revenue
In FY2023, the company witnessed a significant drop in revenue, which plummeted from RM1.35 billion in the previous year to RM403.23 million. The loss per share also deteriorated further, reaching 34.88 sen from 29.34 sen.
Heading: Narrowed Net Loss in 4QFY2023
On a positive note, Serba Dinamik managed to narrow its net loss to RM105.02 million in the fourth quarter ending June 30, 2023 (4QFY2023), compared to RM327.76 million in the same period the previous year. This improvement was attributed to higher operating income and lower administrative expenses.
Heading: Drastic Revenue Reduction in 4QFY2023
However, revenue for the quarter took a substantial hit, falling by 96% to RM6.1 million from RM170.3 million in the previous year.
Heading: Revenue Composition and Company Focus
Serba Dinamik revealed that its revenue composition primarily stemmed from activities within the operations and maintenance (O&M) segment, with a smaller portion generated from education and training services.
Heading: Ongoing Challenges and Liquidity Concerns
The company anticipates continued operational challenges in 2023, influenced by global economic uncertainty and liquidity concerns. Despite these challenges, the O&M segment is expected to remain the company’s core competency and foundational operation.
Heading: Commitment to Resolution and Stakeholder Interests
As a Practice Note 17 (PN17) company, Serba Dinamik’s board has expressed its commitment to resolving ongoing issues, including restructuring and regularisation plans, in the best interests of its stakeholders.