Astral Supreme expects to turnaround in FY16

SHAH ALAM: Loss-making electronic and electrical product maker Astral Supreme Bhd (ASB) expects to return to the black for the financial year ending May 31, 2016 (FY16), driven by its diversification into construction, property development and property investment activities.
Its newly appointed managing director and executive director Datuk Ng Aun Hooi told reporters at its EGM today that the group intends to cease its electronic manufacturing services (EMS) division and focus on its new business going forward.
"That manufacturing is a sunset business and is actually become a liability to ASB. We are now waiting for the answer from the authority and expect to complete the process within three to four months," said Ng.
For the first quarter ended Aug 31, 2015, ASB made an unaudited net loss of RM833,000, due to lower sales and performance of its EMS segment, acceleration of work done in the previous quarter under the work programmed for construction projects and higher administrative expenses.
The group made revenue of RM10.25 million during the quarter, mainly contributed from its construction activities, which represents approximately 98.87% of the total turnover.