Kumpulan Europlus garners 4Q net loss of RM24.1m

KUALA LUMPUR: Kumpulan Europlus Bhd garnered a net loss of RM24.1 million following a net loss of RM5.7 million a year ago, it revealed in its fourth quarter (4Q) financial statements ended Jan 31. The group also announced on Thursday, Mar 31 that its revenue dropped by 60% to RM7.5 million from RM19 million.

"The net loss for the quarter was mainly due to provision made for doubtful debt of RM12.15 million and share of losses of RM14.59 million incurred mainly by associated company Talam Corporation Bhd," the Group said. The drop in revenue was attributed to "lower billings by the group's manufacturing division as a result of the disposal of the group's 60.4%-owned subsidiary Kekwa Indah Sdn Bhd and cessation of sand mining activities".

The quarter also saw a basic loss per share of 5.10 sen from a basic loss per share of 1.20 sen a year ago. The net assets per share for 4Q rose to RM0.1925 from RM0.1846 as at the preceding financial year end.

The Kumpulan Europlus business segments are organised into three divisions, namely manufacturing and trading of industrial products, construction, and leasing, management services and investment holding.