Yen Global posts net loss of RM1.99m

PETALING JAYA: Yen Global Bhd registered a narrowed net loss of RM1.99 million for the second quarter ended Jan 31, 2017 versus RM2.25 million in the previous corresponding period on festive sales.

Revenue was down by 1.5% from RM5.19 million to RM5.11 million.

Last year, Yen Global, which is involved in the manufacturing, marketing, distribution and retailing of jeans wear, fashion apparel and accessories, announced its plan to expand into the telecommunications industry through the sale of wireless broadband products.

Green Packet Bhd is the largest shareholder of Yen Global with a 22% stake.

In a filing with the stock exchange, Yen Global said the business environment did not see any upturn in sentiment but the reported quarter turnover was sustained by festive sales arising from the Chinese New Year season.

The company noted that weak market sentiment continues to affect the apparel industry, but it will continue to improve efficiency and reduce operational costs.

It also highlighted its new venture into the ICT business, specifically in the business of supplying Internet of Things (IoT) connected objects and devices not only in Malaysia but also in other Asean countries, is projected to start contributing to the financial results by next financial year.

For the first half of the year, Yen Global’s net loss also narrowed from RM3.91 million to RM3.83 million on the back of a 1.9% rise in revenue from RM10.99 million to RM11.2 million.