KUALA LUMPUR (Dec 8): Serba Dinamik Holdings Bhd has finally released its quarterly results for the fiscal quarter ended Sept 30, 2023 (1QFY2024) on Friday, a day later than its self-set deadline of Thursday, after failing to comply with the stock exchange's requirement to publish it no later than Nov 30.
The latest set of quarterly results unveiled a net loss of RM80.67 million, 23% less than RM104.6 million a year ago, as it recorded lower administrative and other operating expenses, as well as lower finance costs, the group’s stock exchange filing on Friday showed.
Revenue fell by 93.6% to RM13.75 million for 1QFY2024, largely contributed by the Practice Note 17 (PN17) company’s equipment repair and maintenance services. This compared to a revenue of RM213.58 million in the previous year's corresponding quarter.
The PN17 company’s cash and cash equivalents, however, rose 6.4% to RM38.16 million as at 1QFY2024, before taking into account its bank overdrafts and fixed deposits pledged. This compares to the group’s cash position of RM35.87 million a year ago.
After netting bank overdrafts and fixed deposits, the group’s cash position as at 1QFY2024 amounted to RM13.1 million.
Serba Dinamik’s cash flow statement showed that both cash generated from operations and financing activities were negative, while the only positive cash flow was from investing activities, arising from “acquisition of property, plant and equipment”, which gave rise to an inflow of RM42.58 million.
It is unclear how the “acquisition of property, plant and equipment” provided cash inflow to the group.
Its prospects commentary, meanwhile, was the same statement it had been using for the past two quarters, saying its operations will remain challenging “going into 2023 due to the uncertainty of the global economy as well as the current challenges the company is facing from a liquidity perspective”.
The stock has been suspended since Jan 18, 2023 after the court granted a winding up order against the company and its three subsidiaries.