Privasia Technology hopes to turn around in FY18

PETALING JAYA: Privasia Technology Bhd, which incurred losses in fiscal 2017, expects to turn around to profitability in its current financial year ending Dec 31, 2018 (FY18).

Chief Executive Officer and Managing Director S.Puvanesan said the company had implemented the restructuring and repositioning of its segment priorities to focus on four core client sectors of plantation, oil and gas, ports and telecommunication companies.  

“We are looking to expand the range of products and services provided especially in fast tracking intellectual property products growth, expand information and communications technology scope and services, as well as optimising satellite based services,” he told a press conference after the company’s annual general meeting here today.  

In FY17, the company recorded a net loss of RM7.13 million following foreign exchange fluctuations which had impacted on its satellite business.  

“The lower revenue, larger cost base resulted in a net loss compared with a net profit of RM300,000 in FY16. Furthermore, a write off for an investment amounting RM500,000 was made,” he said.

In the first quarter of FY18, the company managed to reduce its net loss from RM2.04 million to RM1.74 million in the corresponding period last year.  

Puvanesan also said that the company’s order book stood at RM83 million, which would ensure job continuity until 2021.  

“We have an enormous desire to expand in the coming years, and are taking necessary steps to realise this vision,” he added.  

Last year, Privasia was awarded a RM2.05 million contract for the supply, delivery, implementation, testing and commissioning of a port management information system for the Lumut Port.