KUALA LUMPUR (Feb 9): Teo Seng Capital Bhd slipped to a net loss of RM2.13 million in the fourth quarter ended December 31, 2020 (4QFY20) from a net profit of RM13.62 million a year ago, due to the depressed selling prices of eggs caused by weak market demand as the pandemic continued to impact the sale of eggs to food and beverage outlets.

Quarterly revenue fell 13.1% to RM118.53 million from RM136.39 million, its filing with Bursa Malaysia showed.

For the full year ended December 31, 2020, the group’s net profit slumped 92.86% to RM4.2 million from RM58.84 million a year ago, while revenue dropped 12.49% to RM478.28 million from RM546.54 million.

Going forward, in view of various types of Movement Control Orders implemented by the government to curb the spike of Covid-19 spread, the group's directors are of the opinion that Teo Seng's financial performance will still be challenging in financial year 2021.

“The group will continue to monitor, reassess the financial position, take appropriate and timely action to minimise the possible impact caused by the Covid-19 pandemic,” it said.

Teo Seng shares closed 0.5 sen or 0.62% lower at 80 sen today, valuing the group at RM235.08 million.