Mesiniaga sees turnaround in 2021 after dismal 2020

KUALA LUMPUR: Mesiniaga Bhd fell deeper into the red for the financial year ended Dec 31, 2020, but the IT company is banking on the government's planned digital initiatives this year to boost its recovery in 2021.

Mesiniaga made a loss of RM3.9mil on revenue of RM58.5mil in the last quarter, For the full year, the company registered a net loss of RM9.3mil as sales declined to RM198mil.

"The reduction in revenue and the loss incurred in 202 were due to the Covid-19 pandemic," the company told Bursa Malaysia today.

It predicted that the business environment to remain challenging in the first half of 2021.

Mesiniaga said the progressive roll out of the Covid-19 vaccine and the implementation of projects under the Malaysia Digital Economy Blueprint (MyDigital) are positive development for 2021.

Key initiatives under the MyDigital plans are digital transformation of the public sector, deployment of 5G, expansion of network infrastructure and provision of IT access to all Malaysia.

"These are all in line with the company's products and service offerings and we are well positioned to pursue these opportunities," it said.

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