Loss-making G3 Global sees turnaround with AI

Artificial Intelligence

KUALA LUMPUR: Loss-making G3 Global Bhd, which exited the apparel business to venture into artificial intelligence (AI) and mobility business, sees a turnaround after posting net losses of RM2.11mil in the first quarter ended March 31,2020.

The net losses narrowed from the RM2.36mil a year ago, it said in a statement to Bursa Malaysia on Thursday. Its revenue increased to RM6.83mil from RM6.08mil.

Operating losses narrowed by 10% to RM2.11mil from RM2.35mil a year ago due to cost management initiatives, it said.

In 1Q, its revenue from the mobility and AI solutions business increased by 116% to RM6.83mil from RM3.16mil and helped offset the loss of revenue from the apparel business which was disposed in December.

On the outlook, it said due to the movement control order (MCO) in 1Q, demand for the group's AI Solutions had increased.

“We expect post MCO the strong demand will continue in view of the requirements for social distancing and to help contain Covid-19 threat at office premises. The board remain positive towards the ICT business and expect to see further growth in year 2020, ” G3 said.

As at March 31, it had net cash of RM12.63mil compared with RM23.10mil a year ago.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Touch ‘n Go eWallet, Firefly in strategic partnership
DNB to minimise 5G rollout complexity
DBS CEO says hard for digital banks to gain market share in Singapore
Malaysia attains good performance for SDGs in 2020
Stocks stumble as bond traders turn to jobs data
Gold heads for weekly fall as Fed officials strike hawkish tone
The Royal Award for Islamic Finance invites global nominations
Malaysia records increase in external trade unit values in October
Didi Global plans to delist from New York, seek listing in Hong Kong
Musk sells Tesla shares worth $1.01 billion - filings

Others Also Read