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Green Packet hammered by fair value loss for Q1

30 Jun 2020 / 18:32 H.

PETALING JAYA: Green Packet Bhd’s net loss widened to RM34.07 million for the first quarter ended March 31, compared to a net loss of RM13.88 million in the same quarter of the previous year mainly due to fair value loss from a quoted investment.

Its revenue stood at RM147.05 million, a 16.5% increase from RM97.94 million reported previously.

The group told Bursa that its software and devices business saw a 357% jump in revenue to RM11.9 million from RM2.6 million reported previously.

Its communication and services segment posted a 41% gain in revenue to RM132.08 million from RM93.97 million, while its digital services posted a revenue of RM3.07 million, a 126% increase from RM1.36 million posted previously.

For Green Packet’s prospects for FY20, it expects a better financial performance despite the Covid-19 pandemic impact, due to the progressive market response to the rapid digital connectivity of workplace safety processes by both the private and public sectors.

It stated ongoing initiatives to improve operational efficiency for wholesale voice traffic and data business for its communication business as well as to expand geographical reach and supply chain for LTE products, has shown positive traction,

In addition, its initiative to adopt artificial intelligence application and the introduction of new digital solutions for workplace safety has indicated positive impact.

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