SMRT Holdings Berhad announced its sixth quarter and 18-month financial results today for the period ended 30 June 2023 (“18MFY23”) following the change in the group’s financial year end to 30 June 2023 from 31 December 2022. For the quarter under review, the company registered a revenue of RM17.6 million an increase of 19.6%, however, reported a loss attributable to owners of the company of RM69.3 million.
The group said was mainly due to a one-off non-cash loss from its discontinued education operations following the disposal of its 100.0% equity interest in SMR Education Sdn. Bhd. that was completed in May 2023. In addition, it also recognized a RM5.2 million provision for bad debts (related to non-core business that has since been disposed), along with RM5.9 million in employees’ share grant expense.
For the 18-month financial period under review, SMRT recorded a revenue of RM90.8 million from Technology division. Meanwhile, the Group turned in a smaller net loss of RM16.6 million in 18MFY23 despite the RM69.3 million loss in 6QFY23, as the impact of discontinued education operations was offset by a prior gain on disposal of another subsidiary, SMR Properties Management Sdn. Bhd.
Group Managing Director of SMRT, Mr. Maha Palan said, “The past 18 months have been both challenging and exciting for us. Challenging in part due to the complexities involved in our restructuring exercise to consolidate and refocus our organisation towards our Technology business; yet exciting as we finally completed the restructuring and successfully transformed SMRT into a pure technology player offering enterprise Internet of Things or IoT solutions with an ASEAN growth focus.”
