Green Packet Berhad experienced a reduction in total revenue during its second quarter, recording approximately RM 124.85 million, an estimated RM 17.86 million lower than its first quarter. The Group also reported a Loss After Tax of RM 41.10 million as compared to a Profit After Tax of RM18.84 million in the first quarter.
The tech company attributed the losses largely to the lower mark-to-market valuation of G3 Global Berhad’s warrants and continuation of investment commitments into new, high-margin ventures as part of its Group’s 5.0 long-term strategic expansion.
Among the positives is its Smart Devices Business which registered an increase in revenue to RM17.22 million in its second quarter, upwards of close to RM10 million from RM7.53 million.
Group Managing Director, Puan Chan Cheong said, “Despite the reduction in revenue, compounded by the impact of Covid-19 to the business, this initial stage of re-alignment is critical. Using this preliminary period to strengthen our capabilities will enable us to tap into more digital opportunities across local and global markets, grow our partnerships and innovate new solutions over the longer term.”
Looking ahead, Green Packet is expanding into new growth areas to diversify its revenue streams with new opportunities that will support the digital needs of consumers, SMEs, enterprises, and underserved markets.
It is also one the 29 entities which has submitted to Bank Negara for a digital banking license with partner Zico Holdings Inc. and M24 Tawreeq Sdn Bhd. Separately, it was awarded a conditional Investment Bank license from Labuan Financial Services Authority to cater the Digital Asset industry.
