Green Packet Third Quarter Net Loss Widens To RM 19.15 Million Due To Lower Revenue

KUALA LUMPUR (November 29): Green Packet Bhd saw its net loss widen to RM 19.15 million in the third quarter ended September 30, 2021, from RM 6.81 million a year ago, due to ‘a drop in income.

Revenue fell 26.75% to RM 119.16 million from RM 162.67 million as its smart device business recorded a 60% decline in sales mainly due to a decline device deliveries, the group said in a Bursa Malaysia filing.

On a quarterly basis, the group’s net loss decreased by RM 49.24 million in the previous quarter (when there was a fair value loss in other listed investments of RM 17.71 million), while income decreased by 124.85 RM. million.

For the cumulative nine months ended September 30, the group’s net loss narrowed to RM 49.58 million from RM 52.87 million, while revenue fell 14.95% to RM 386.72 million. of RM against 454.71 million RM.

Going forward, the group said, due to the Covid-19 pandemic, the overall business environment remains challenging.

He added that the group is continuously focused on strengthening investments in new high growth businesses, such as cloud breakthrough and hyperscale data centers.

The group also pointed out that KiplePay recently launched KipleMall, an online marketplace accessible through the Kiple mobile app that provides a one-stop-shop for students’ essential educational needs.

Green Packet shares ended unchanged at 10.5 sen, giving the group a market cap of RM 140.64 million.

Ann J. Cox