KUALA LUMPUR (March 31): Brahim’s Holdings Bhd's net loss widened 771% to RM120.53 million in the fourth quarter ended Dec 31, 2020 from RM13.84 million a year earlier, due to the impairment of goodwill exercise.

Losses per share swelled to 44.93 sen from 5.16 sen, according to the group's Bursa Malaysia filing.

The in-flight catering service provider's revenue fell 91% to RM7.86 million, from RM83.91 million in the previous year’s corresponding quarter, fuelled by lower contribution from its business segments.

Compared with the immediate preceding quarter, the group’s net loss expanded over six times from RM17.79 million while revenue fell 7% from RM8.48 million.

For the full year, Brahim's net loss ballooned to RM153.21 million from RM14.03 million in the previous year while revenue declined 73% to RM82.39 million from RM308.70 million, as in-flight catering and related services registered a steep decline in contribution.

Moving forward, the group said prospects for the aviation segment remains uncertain despite the recent announcement by Khazanah Malaysia of a RM3.6 billion injection into Malaysia Airlines Group and the availability of the Covid-19 vaccine.

“The aviation industry encompassed rather larger than just the national carrier and beyond the availability of the vaccine. Government support is very much needed at this critical point just to ensure survival.

“With this worst-ever situation, the aviation and hospitality industries are expected to be able to recover progressively beginning Q4 2022 or Q1 2023,” it said.

Brahim's said its logistics and related services will continue looking into expanding its operations, to streamline the cost structure to be more efficient.

“This segment will continue the effort to acquire new customers and businesses to increase revenue stream,” the group said.

Shares of Brahim’s ended one sen or 4% lower at 24 sen, valuing the group at RM56.71 million.