Moody's outlook on the Korean banking system has been negative since May 2016.
KUALA LUMPUR: Nexgram Holdings Bhd
swung to a loss attributable to shareholders of RM2.3mil for the first quarter ended Oct 31, 2016, from a profit of RM3.9mil a year earlier.
The information technology (IT) services provider told Bursa Malaysia that the reversal of fortune was mainly due to an increase in losses contributed by the disposed subsidiaries involved in IT during the current period under review.
This was the third successive quarter of loss for the company, whose revenue also fell year-on-year from RM31mil previously to RM13.4mil.
The 56.8% drop in revenue was attributed mainly to lower revenue from subsidiaries involved in IT and a group of subsidiaries dealing with a wide range of security and video surveillance equipment.
The group incurred losses in the information and communcations technology segmrnt as well as in property investment and logistics.
Mexgram, which in January withdrew its takeover offer of Ire-Tex Corp Bhd, noted that the group had acquired 51% equity interest in shipping agent Transeaways Shipping Sdn Bhd and 70% in construction firm Blue Hill Development Sdn Bhd this year as a continuation of its long-term growth strategy of venturing into other sectors besides ICT and property-based businesses.
“The acquisition would provide a new source of recurring income to the group as well as diversify the earnings base of the group,” it said.
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