MyEG posts quarterly net loss of RM97.47mil

 

MYEG Services Bhd reported a net loss of RM97.47 million for its latest financial quarter ending Sept 30. Revenue was recorded at RM138.33 million.

The loss is attributed to impairment of RM95.45 million from an associate company and the impairment of equipment amounting to RM76.29 million, stemming from the post-elections abolishment of goods and services tax (GST).

The company is changing its financial year-end from June 30 to Sept 30. For the 15-month period ending Sept 30, a net profit of RM129.02 million was recorded on the back of RM564.57 million in revenue.

This net profit comes from concession-related services which include immigration, JPJ and ancillary services; commercial services such as motor vehicle trading related services, financing services, and contribution from their Cardbiz group of companies which is principally involved in payment solutions services.

Commenting on future prospects in light of Malaysia’s newly formed government, the company said: “MyEG’s Board of Directors is optimistic that we will be able to work with the Government of the day to continue rolling out new e-government services whilst maintaining the service level of the current services which will continue to benefit the Malaysian public, consistent with the new coalition Government’s manifesto.”

Meanwhile, the company is also expanding its regional presence in Asia with recent joint ventures and services in Philippines, Bangladesh and Indonesia. “These are the new markets which potentially will also contribute to our growth in FY19.”

MyEG provides electronic government solutions and services in Malaysia. Electronic Government Services include the testing, issuance, and renewal of drivers’ licenses, renewal of vehicle road tax, vehicle ownership transfer, the renewal of foreign workers permits, bankruptcy status searches, and payment systems. The company also provides commercial offerings, such as insurance, credit and debit payment solutions, tracking systems, and telecommunications services.

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