Iris Corp makes RM5.2mil loss in Q4 

KUALA LUMPUR: Iris Corp Bhd reported a RM5.2mil loss in the last quarter ended March 31 as the global Covid-19 pandemic and international travel restrictions sapped demand for electronic passports and biometric cards.

Losses for the full year stood at RM11mil.

"This unprecedented situation is affecting the performance of the Group in delivering its existing sales order as well as in securing new business opportunities for current financial year ended March 31," it said in a filing with Bursa Malaysia today.

"However, despite the challenges above, the Group continues to actively pursue new growth opportunities in its core Trusted ID & adjacent IT business, including new offerings in the business to business segment, in both international and domestic markets for coming financial years," it added.

In September last year, Iris has secured a contract for the supply of 15 million electronic contactless inlays required for the manufacture of Indian e-Passport for a total amount of US$27.5mil.

Earlier this month, it was awarded a 15.99 million euros contract to supply three million new biometric cards in Senegal.

At home, Iris has won in January the National Integrated Immigration System project worth RM1.16bil.

"The Board is confident that the above initiatives, together with the above mentioned new projects and with the Group’s existing projects, will contribute positively to the Group’s financial performance," it said.

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