OPCOM HOLDINGS released its results for the sixth quarter ended 30 September 2023 and the full financial year ended 30 September 2023. The Group posted a consolidated revenue of RM217.5 million for FY2023, mainly contributed by the existing manufacturing, trading, and engineering services (approximately 65%) and the revenue from diversification into the Telecommunication Network segment.
The group changed its financial year end from 31 March to 30 September, therefore, the financial report covers eighteen months from 1 April 2022 to 30 September 2023. There are no comparative figures for these eighteen months.
Profit after taxation stood at RM3.5 million for FY2023, after the recognition of impairment loss of investment in an associated company of RM15.5 million, the difference arising from receivables discounted to the present value of RM3.6 million, and amortisation of intangible assets arising from the initial assessment of purchase price allocation in accordance to MFRS3:
After the adjustment, OPCOM recorded a consolidated revenue of RM8.4 million with a loss after tax (“LAT”) of RM10.1 million for 6QFY23, as compared to RM67.4 million and RM2.5 million respectively in 5QFY23. The slower take-off for fibre optic cables also resulted in lower sales for 6QFY23.
Commenting on the results, OPCOM Managing Director Mr. Johnson Chang said, ” Notwithstanding the several non-cash adjustments which impacted our profitability, OPCOM remains focused on investing and growing in our areas of strength to deliver value to our stakeholders.
