New high for Dagang NeXchange Bhd
KUALA LUMPUR: KNM Group Bhd
posted a pre-tax loss of RM290.5mil for the financial year ended Dec 31, 2016 (FY16) from a pre-tax profit of RM124.14mil in the same period of 2015.
Revenue was higher at RM1.65bil from RM1.64bil previously.
In a filing with Bursa Malaysia on Friday, the engineering company said the weak performance was due to losses in its Canada and Kuantan operations because of foreign exchange and unforeseen logistic costs.
For the fourth quarter ended Dec 31 2016, KNM suffered a pre-tax loss of RM319.66mil from a pre-tax profit of RM25.28mil in the same quarter of 2015.
Revenue fell to RM411.07mil from RM457.43mil previously.
On its prospects, KNM said the 2017 financial year was expected to be challenging given uncertainties in the oil and gas industry.
“The company will, however, continue to diversify its sources of income by building long-term sustainable recurring revenue from the energy business,” it said. - Bernama
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