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.