Nexgram posts first quarter loss due to disposal of units

PETALING JAYA: Nexgram Holdings Bhd swung to the red, posting a net loss of RM2.3mil for the first quarter ended Oct 31, 2016, from a net profit of RM3.9mil in the same quarter a year ago on increased losses incurred from the disposal of subsidiaries involved in information technology (IT) during the quarter.

Revenue dropped 56.7% to RM13.43mil mainly due to lower revenue from the IT subsidiaries, as well as subsidiaries in the security and video surveillance equipment business.