AwanTec Records A Loss Of RM2.8 Million For Q2 FY2023

AwanBiru Technology Berhad’s second quarter results for the financial year declined by RM45.2 million to RM8 million, compared to RM53.2 million in Q2 FY2022. This was primarily due to the revenue recognition from a project in the Software & Services segment in Q2 FY2022. This segment felt the effects of a slowdown in customers’ procurement decision-making leading up to GE15. Additionally, the Group incurred a loss before taxation of RM2.8 million in Q2 FY2023, a decline from the profit before taxation of RM6.1 million recorded in Q2 FY2022.

Despite these challenges, the talent segment of the Group saw a significant improvement in Q2 FY2023. This segment recorded a profit before taxation of RM0.09 million, compared to a loss before taxation of RM0.18 million in Q2 FY2022. The improvement was primarily due to a substantial increase in revenue from RM1.4 million to RM3.6 million in Q2 FY2023, which was mainly attributed to a higher number of placements under the Selangor Kerjaya Program.

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