Kronologi Asia, a leading provider of Hybrid and Cloud Enterprise Data Management technology and solutions in Asia, today announced its results for the first quarter of fiscal year 2023 [FY2023].
For the first quarter of fiscal year 2023, the Group recorded revenue of RM57.330 million; marginally lower by 2.5% as compared to Q1’FY2022 and Gross Profit of RM9.394 million up 6.7% from Q1’FY2022.
Majority of the Group’s revenue was recognized from Singapore, amounting to RM24.424 million (42.60% of total revenue), followed by Philippines and China. Profit after tax for the quarter of RM2.213 million was lower by 45% compared to RM4.018 million that was registered in Q1’FY2022, where operational costs had increased due to consolidation of Quantum China’s operations, a higher marginal tax rate during the quarter under review.
On-going stringent lockdowns experienced in the Group’s key markets in China during the quarter resulted in commercial and production delays, which coupled with macroeconomic and geopolitical uncertainties, also negatively impacted the Group’s country markets in ASEAN.
By business segment, the Enterprise Data Management (EDM) Infrastructure Technology segment contributed to the Group’s revenue, amounting to RM43.623 million or 76.09% of total revenue, with EDM As-A-Service making up the balance.
“In some ways, business challenges have increased as we recover from the COVID-19 pandemic. Lengthening supply chain disruptions which together with macroeconomic and geopolitical issues, have led to endemic inflation and lower business confidence. This has resulted in a slowdown of technology investments by some of our clients. Despite project deferrals, we are pleased that our Group revenue during the quarter has been largely maintained. Our healthy balance sheet and cash reserves provide us with the ability to capture opportunities as they arise. Commensurate with the current business environment and how it develops, the management continues to strive towards achieving reasonable growth for the rest of this financial year,” said Edmond Tay, CEO of Kronologi.
“The strength of our core As-A-Service business has enabled us to cushion the economic uncertainties for the enterprises – transforming the way we deliver our As-A-Service offerings and supporting clients in the expanding number of domain-specific cloud services.
The Group have prepared the Sustainability Statement (incorporated in our Annual Report 2022) as required under the ACE Market Listing Requirements of Bursa Securities, with reference to the Sustainability Reporting Guide (2nd Edition) issued by Bursa Securities.
