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Q418 vs. Q417 and Q418 YTD vs. Q417 YTD
Q418 vs. Q417
The Group registered a lower revenue of RM22.2 million, RM49.7 million or 69% lower for the current quarter compared to RM71.9 million recorded in previous year corresponding quarter. The significant reduction in revenue recognition was mainly due to termination of SKIN project where no revenue is recognized compounded by weaker demand from Software & Services.
The Group recorded PBT of RM1.3 million, RM17.1 million lower than the previous year corresponding quarter due to net flow through of discontinued recognition of SKIN's revenue, coupled with higher operating and finance costs for existing businesses.
YTD18 vs. YTD17
The Group's revenue for YTD18 was RM203.6 million, lower by RM15.9 million or 7% compared to RM219.5 million in YTD17. The YTD revenue was lower than last year mainly due to lower demand for Software & Services particularly during the current quarter.
For YTD18, the Group's PBT recorded RM23.4 million or 38% lower than last year mainly due to the flow through of lower revenue for software and services coupled with under provision of tax expenses & penalties, higher finance and operating costs in comparison to YTD17.
Q418 vs. Q318
The Group's revenue for the current quarter of RM22.2 million, RM30.5 million or 58% lower than the preceding quarter of RM52.7 million due to lower recognition of revenue especially from SKIN's project.
The Group recorded PBT of RM1.3 million, RM0.8 million or 39% lower than the preceding quarter of RM2.1 million resulted from termination of SKIN project with effect from 22 January 2019.
The Company has announced the change of financial year ended from 31 March 2019 to 30 June 2019.
The Company foresee the Group's performance for the financial year ending 30 June 2019 continue to remain challenging. The current Software & Services business continue to record profitability to the Group whilst its Education segment is in the midst of streamlining and rejuvenating its operations.
The Company has commenced the compensation negotiation with the Government on the termination of SKIN. The Board remains positive on the compensation amount based on the formula as stipulated under the Concession Agreement. The Company will not have any impairment on the current Group's Account for the period under review.