Sedania Q1 net profit falls to RM23,000

  • Business
  • Tuesday, 05 Jun 2018

KUALA LUMPUR: Sedania Innovator Bhd reported a lower net profit of RM23,000 for the first quarter (Q1) ended March 31, 2018, compared with RM493,000 in the previous year’s corresponding period.

In a filing with Bursa Malaysia yesterday, the technology company also announced that Q1 revenue fell to RM5.86mil from RM6.68mil previously, mainly attributed to lower revenue contributions from its airtime sharing platform and green technology (greentech) solutions segments.

“With the completion of Sedania As Salam Capital’s acquisition in 2017, the company has expanded its service offerings into the provision of fintech, on top of the existing sharing platform, greentech and Internet of Things solutions.

“Although market conditions remain challenging, the group aims to improve this year’s results by continuously seeking new opportunities to enhance its recurring revenue streams and look for new business growth by way of capitalising on the strength of business ventures with strategic partners,” it added.

Sedania said outlook for the group’s businesses were expected to remain positive for the financial year ending Dec 31, 2018. — Bernama

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