KUALA LUMPUR (Mar 4): Handal Energy Bhd said on Monday it has received approval from the Companies Commission of Malaysia (SSM) to extend the deadline to hold its 2024 Annual General Meeting (AGM) up till Dec 31, 2024.

This follows the company's application on Feb 28 for an extension of time to hold its AGM after it had changed its financial year end from Dec 31 to June 30, according to an exchange filing.

The offshore crane services provider said the change in its financial year end was to facilitate better management of resources for smooth flow of business operations and financial reporting.

As such, the current financial year which commenced from Jan 1, 2023 will end on June 30, 2024, covering a period of 18 months.

Following that, the financial year of the company will be reverted to 12 months ending June 30 for each subsequent year.

Handal Energy has been loss making over the last three consecutive quarters. For the three months ended Dec 31, 2023, the group recorded a net loss of RM1.61 million on the back of revenue of RM3.07 million.

Revenue was contributed mainly from overhaul maintenance, parts trading, pipeline maintenance, and engineering services maintenance for gas turbines.  

Administrative and operating expenses amounted to RM2.14 million.

For the 12 months ended Dec 31, 2023, Handal Energy reported a net profit of RM3.19 million with revenue of RM22.24 million.

Shares in Handal settled unchanged at 8.5 sen on Monday, with a market capitalisation of RM29.97 million. The counter has fallen by 22.73% year to date.