The Main Market-listed MyEG told Bursa Malaysia yesterday that its sub-subsidiary, MyEG (Indonesia) Sdn Bhd, has entered into a share subscription agreement and a shareholders
KUALA LUMPUR: E-government services provider MyEG Services Bhd posted net profit of RM58.65mil in its first quarter ended Dec 31, 2018 which was a turnaround from the preceding quarter ended Sept 30, 2018 and it plans to expand its regional presence in Asia.
It announced on Tuesday this was an improvement compared with a loss of RM97.47mil in the preceding quarter due to a one-off impairment of amount due from an associate company of RM95.45mil and impairment of equipment amounting to RM76.29mil.
However, this was offset by the recognition of deferred revenue of RM19.94mil arising from the sale of solution in previous financial years, to an associate company; and an increase in commercial services, MyEG's revenue was RM116.23mil while its earnings per share were 1.7 sen in the first quarter. There was no year-on-year comparison as it had changed the financial year.
When compared with the preceding quarter ended Sept 30, 2018, its revenue fell by nearly 16% from RM138.33mil.
The decrease in revenue was due to a one-off recognition of deferred revenue of RM19.94mil arising from the sale of solution in previous financial years, to an associate company. The foreign worker rehiring programme had also been completed.
However, it was offset by an increase in commercial services such as motor vehicle trading related services, financing services, sale of tax monitoring system. There was also contribution from Cardbiz Group which deploys credit card terminals and merchant acquiring services.
“For the financial year ending (FYE) Sept 30, 2019, MyEG will continue to introduce innovative services leveraging on new technology to drive our growth for FYE2019.
“We are also expanding our regional presence in Asia with the recent introduction of new joint ventures and services in the Philippines, Bangladesh and Indonesia.
“We are bringing our technology and expertise to these countries and hope to introduce innovative services which will enhance the efficiency in these new markets and allow us to tap on the continuous growth of transactions where the population in these countries are becoming more tech savvy,” it said.
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