KUALA LUMPUR (Feb 28): GDEX Bhd reported a net loss of RM6.01 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), compared to a net profit of RM5.91 million a year earlier, due to weaker earnings contributions from both its courier and logistic services segments.
The group has been in the red since 1QFY2022.
Quarterly revenue fell slightly by 0.96% to RM102.57 million, from RM103.57 million in 4QFY2021, the group's bourse filing showed.
For the full financial year, GDEX registered a net loss of RM18.02 million versus a net profit of RM27.35 million in FY2021.
This is the group's first full-year loss since it was listed on the ACE Market in 2005, before being transferred to the Main Market in 2013.
Full-year revenue fell 8.51% to RM383.27 million from RM418.91 million in FY2021.
GDEX declared a first and final dividend of 0.15 sen per share, compared with 0.2 sen in FY2021.
Moving forward, GDEX said the challenges from competitive pricing, weak market sentiment and low demand conditions in the courier services and logistics industry will continue.
The group said it will therefore focus on driving greater cost optimisation and operational efficiency, products and services differentiation to grow the business activities.
The group’s share price finished half a sen or 2.38% lower at 20.5 sen on Tuesday (Feb 28), bringing the group a market capitalisation of RM1.16 billion.
Source: TheEdge - 1 Mar 2023