KUALA LUMPUR (Nov 28): Solar District Cooling Group Bhd (KL:SDCGB), which listed on the ACE Market of Bursa Malaysia on Sept 19, posted a net loss for the third quarter on high administrative expenses related to the initial public offering (IPO) expenses.

Net loss for the quarter ended Sept 30, 2024 (3QFY2024) stood at RM869,000 on a revenue of RM5.41 million, according to the building management systems company’s bourse filing on Thursday.

The company booked RM3.68 million in administrative expenses due to the recognition of RM2.3 million one-off charge out of IPO expenses.

“Should the one-off listing expenses of RM2.3 million be excluded from the financial performance, the group would have achieved an adjusted profit before tax of RM1.43 million for the quarter and RM3.89 million for the [nine months ended Sept 30 (9MFY2024)],” the filing read.

Solar District Cooling declared an interim dividend of one sen per share, payable on Dec 30.

For the first nine months of FY2024, net profit stood at RM1.59 million on cumulative revenue of RM16.08 million.

Going forward, Solar District Cooling said it will focus on implementing the business strategies previously announced to be funded by its IPO proceeds.

This includes: expanding its headquarters; purchasing new tools, equipment and systems for its BMS segment and energy-saving segment; and purchasing ICT software to improve its business operations.

Shares in Solar District Cooling ended one sen or 1.82% lower at 54 sen, valuing the company at RM228.9 million. Compared to its listing price of 38 sen, the counter has gained 42.11%.