Sedania optimistic on profit growth this year

In a filing with Bursa Malaysia, Country View said that the acquisition

PETALING JAYA: Sedania Innovator Bhd is optimistic on profit growth for the current financial year, despite having suffered a setback in 2018.

Chief executive officer Daniel Bernd Ruppert attributed the company's performance last year to lower revenue and non-cash loss related to the impairment of trade and finance lease receivables.

“The profit drop is actually due to lower sales, particularly from the Internet of Things (IoT) and green technology (greentech) segment,” he told reporters after the company's annual general meeting today.

Ruppert said the company was also affected by implementation of the Malaysian Financial Reporting Standards 9 (MFRS 9) regulations regarding accounts receivables.
Last year, Sedania recorded a loss after tax of RM4.36 million compared to a profit after tax of RM1.57 million in financial year 2017.

The tech firm's business portfolio encompasses financial technology (fintech), IoT, greentech, sharing platform and Big Data Analytics.

On prospects, Ruppert said Sedania continued to be cautious over business outlook.

“The continuous positive contribution from the fintech segment and (prospects from) new innovations that are expected to go to market in the fourth quarter of 2019 are encouraging.

“The IoT segment's prospects are also expected to improve this year. Sedania is also making good progress in the greentech segment despite an initial delay of a particular project due to its extended execution time,” he added. - Bernama