Eduspec Still In The Red Due To Change In Govt Policy

Eduspec Holdings Bhd achieved a pre-tax loss of RM2.858 million on the back of a turnover of RM1.937 million for the fourth quarter ending February 29, 2022, from a pre-tax loss of RM11.540 million on the back of a turnover of RM2.415 million.

 For the whole year, it achieved a pre-tax loss of RM13.848 million on the back of a turnover of RM 9.180 million from a pre-tax loss of RM23.567 million on the back of a turnover of RM9.588 million previously.

In a Bursa filing, it said that for the current quarter under review, the Group’s revenue decreased by 19.8% to RM1.937 million from RM2.415 million reported in the previous year’s corresponding quarter mainly due to the lower license income from the Philippines.

Due to the shifts in Malaysian government policies regarding the provision of IT learning programs and educational services at public schools in July 2018 to stop the implementation of computer classes within the school timetable, our revenue had dropped substantially.

It said that with the new policy reversal and introduction of STEM as the new program replacing IT learning programs, we will see substantial growth in revenue in the near future post-pandemic. Our ESP business has extended from just functions and services to parents under the 1Cube App, to now more products and solutions targeting parents and students outside the school ecosystem.

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