KUALA LUMPUR (Sept 8): Serba Dinamik Holdings Bhd has narrowed its net loss to RM105.02 million in the fourth quarter ended June 30, 2023 (4QFY2023) from RM327.76 million in the previous year’s corresponding quarter, on higher operating income and lower administrative expenses.

The troubled oil and gas outfit’s filing on Friday (Sept 8) showed that operating income more than doubled to RM3.92 million from RM1.63 million in 4QFY2022. Administrative expenses stood at RM18.54 million, down 90.59% year-on-year (y-o-y) from RM197.02 million.

Although the company trimmed its losses for the quarter, 4QFY2023 revenue fell 96.39% y-o-y to RM6.15 million from RM170.25 million, dragged by revenue from the operations and maintenance segment which fell to RM5.69 million, from RM159.8 million previously.

The education and training segment also recorded a lower revenue of RM454,000 from RM1.67 million.

For the full financial year ended June 30, 2023 (FY2023), Serba Dinamik’s net loss increased to RM1.3 billion versus RM1.09 billion a year earlier. This was after the company’s corporate expenses and consolidation elimination of intergroup transactions.

Full-year revenue also dropped 70.18% y-o-y to RM403.23 million from RM1.35 billion.

On outlook, Serba Dinamik said the group’s business will remain challenging for the remainder of 2023 due to the uncertainty of the global economy as well as the current challenges facing the company from a liquidity perspective.

In addressing its Practice Note 17 status, Serba Dinamik said its board pledges to resolve the ongoing issue, including the restructuring and regularisation plan.