KUALA LUMPUR (Jan 24): TMC Life Sciences Bhd (KL:TMCLIFE) warned on Friday that it expects to report a loss for the second quarter ended Dec 31, 2024 (2QFY2025), compared to the net profit recorded in the same period last year.
The company attributed the anticipated loss primarily to "termination and discount of customer contracts", according to its profit guidance statement filed with Bursa Malaysia, following a preliminary review of its unaudited results for 2QFY2025.
In light of this, TMC Life Sciences advised shareholders and potential investors to exercise caution when trading in the company’s shares.
“The group is currently finalising its unaudited consolidated financial results for the financial period ended Dec 31, 2024, and will provide further details of its performance when the financial results are released to Bursa Malaysia Securities in February 2025,” it said.
For the first quarter ended Sept 30, 2024 (1QFY2025), TMC Life reported an 80.6% year-on-year (y-o-y) drop in net profit to RM2.94 million, while revenue declined 11.3% y-o-y to RM81.97 million.
Meanwhile, the company has been embroiled in a dispute with its former chief executive officer, Wan Nadiah Wan Abdullah Yaakob, whom it dismissed last December over alleged misconduct. Her dismissal was linked to the termination of agreements by insurance companies and complications stemming from an information and communications technology works agreement. Wan Nadiah has said she would be appealing the decision.
TMC Life Sciences’ share price, which has depreciated over 29% in the past year, closed unchanged at 51 sen on Friday. This valued the company at RM888.4 million.
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