As the value of the company is tied to the performance of the company, it is in the interest of the warring shareholders to argue and fight outside the company.
KUALA LUMPUR: T7 Global Bhd
returned to the black in Q2 ended June 30, 2018, with a net profit of RM1.62mil compared to a net loss of RM1.5mil in the previous corresponding quarter.
Revenue for the quarter under review experienced a jump of 69.5% to RM57.33mil from RM33.8mil in the same quarter in 2017.
This brings T7 Global's half yearly net profit to RM3.55mil, compared to a net loss of RM1.24mil in the same period last year. Revenue for the six months came to RM112.82mil, versus RM63.69mil in 1H2017.
"The increase in revenue by 77.14% was mainly due to contributions from the Origins and CWR contract secured from Petronas," said the group in a stock exchange filing.
The engineered packages segment recorded a jump of 420.71% in revenue to RM54.05mil while revenue in the products & services segment grew 10.26% to RM58.77mil.
"“We are pleased to have delivered another positive set of results for our shareholders. We will continue to deliver our plans and grow our business segments, and position T7 Global with a strong focus on costs, efficiency and discipline in capital spending.
"We delivered consistent performance in the first half of 2018 and have considerable strategic momentum as we move into the rest of the year,” said Datuk Seri Dr Nik Norzrul Thani bin Nik Hassan Thani, chairman of T7 Global.
In a statement, the group said it had had received shareholders’ approval on the proposed private placement of up to 20% of the issued shares of T7 Global, proposed share buy-back of up to 10% of the issued shares of T7 Global and proposed diversification of the existing principal activities of T7 Global and its subsidiaries to include manufacturing and treatment of aerospace parts.
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