KUALA LUMPUR: Datuk Wei Chuan Beng is stepping down from his role as group managing director (MD) of REDtone International Bhd come Jan 1, 2017, “to focus on his other private businesses”.

In a bourse filing yesterday, REDtone said Wei, 51, will remain on board as a non-independent and non-executive director, and will continue to advise and add value to the board.

REDtone said Wei has been involved in the information technology and information and communications technology industries for 27 years, and has been the driving force behind the group as one of its founding members.

“Under his guidance and spirit of innovation, the group, which started off as REDtone Telecommunications Sdn Bhd in 1996, is today an integrated telecommunications solutions provider catering to niche market segments.

“He continues to play an instrumental role in shaping the group’s strategic directions and policies to grow the business locally and internationally,” it added.

Meanwhile, REDtone posted its fourth straight quarterly net loss, reporting a net loss of RM2.63 million for the second financial quarter ended Oct 31, 2016 (2QFY17) compared to a net profit of RM398,000 a year ago, mainly due to higher costs for certain projects and realisation of foreign exchange losses after the settlement of outstanding balances owing to foreign subsidiaries.

Revenue, however, rose 12% to RM39.26 million in 2QFY17, from RM35.06 million in 2QFY16, mainly from its telecommunication services and managed telecommunication network services.

For the cumulative six months, it recorded a net loss of RM3.79 million on revenue of RM77.7 million. The group changed its financial year end from May 31 to April 30 and as a result, the performance for the period ended Oct 31, 2015 which consisted of only five months’ results, is not comparable.