Much in the news lately, GIIB reported its quarterly financials, and things aren’t that spectacular at the group, total revenue for the current quarter was at RM10.8 million although this was higher compared to RM9.7 million in the preceding year, the firm incurred a loss before tax of RM0.93 million.
This was higher compared to a loss before tax of RM0.67 million in the preceding year’s corresponding quarter. The group which recently had its top management arrested by MACC, attributed to the costs incurred during the testing and commissioning of the first glove production line. However, it said the loss for the year has significantly reduced from RM42.19 million to RM25.01 million. The higher loss in the preceding year of 18 months was due to impairments of receivables.
Compared to the preceding quarter, the current quarter review recorded an increase in revenue of RM2.7 million. The company registered a loss before tax of RM0.93 million, compared to the loss before tax of RM2.90 million in the preceding quarter, a reduction of 32.06%.
As for the coming months, GIIB is looking to its healthcare-related business which is known to provide stability in times of
economic uncertainty. Looking forward, the group adds it will continue to leverage its experience and know-how as a rubber technology company to grow its rubber compound business in addition to its new foray into glove manufacturing and
healthcare.
