KUALA LUMPUR (March 23): A fall in finance cost helped Green Packet Bhd narrow its net loss to RM20.23 million for the fourth quarter Dec 31, 2020, from RM26.1 million a year ago. 

The group said the smaller loss was also because of a higher fair value gain of RM8.24 million from a quoted investment, as compared with RM1.22 million previously.

Quarterly revenue fell 18.79% to RM163.83 million from RM201.73 million, dragged mainly by communication services, the group said in a filing with Bursa Malaysia.

Green Packet did not declare any dividend for the latest quarter.

For the full year, the group’s net loss widened to RM73.1 million, from RM45.97 million in the previous year.

This is despite a 1.7% growth in full-year revenue to RM618.54 million, from RM608.18 million previously.

Green Packet said due to the Covid-19 pandemic, the board expects the current year to remain challenging.

Going forward, the group said it will expand the geographical reach and competitive supply chain arrangements for long-term evolution (LTE) products to improve shipment units and connect people around the world.

It will also improve its operational efficiency for wholesale voice traffic and wholesale data business to improve earnings for the communication business.

Meanwhile, the group said it will build strategic partnership, upsell additional modules and expand to more sites for its digital business.

It will also introduce artificial intelligence applications and solutions for workplace safety, eKYC (know your customer) and cloud services to the enterprise market. 

Green Packet’s share price closed unchanged at 38 sen today, valuing the group at RM462.31 million.