Serba Dinamik reports net loss of RM290.32mil in Q2

Nexia SSY PLT, which was appointed to replace former auditor KPMG, said it was not able to obtain “sufficient appropriate audit evidence” to provide a basis for an audit opinion on the financial statements. This was mentioned in Serba Dinamik’s annual report for 2021, which was released after a long delay.

KUALA LUMPUR: Serba Dinamik Holdings Bhd reported a net loss of RM290.32 million in its second quarter ended Dec 31, 2021, on the back of a revenue of RM177.14 million.

In a filing with Bursa Malaysia, it said the second quarter revenue decreased 77.8 per cent from the immediate preceding quarter, mainly due to slower activities in the operations and maintenance segment, especially from Qatar, the United Arab Emirates and Malaysia.

"Overall the group incurred a gross loss of RM165.9 million, with a reduction of RM234.8 million against its first quarter of 2022 financial year,” it said.

Serba Dinamik has changed its financial year end from Dec 31, 2020 to June 30, 2021. Hence, there is no year-to-year comparisan quarter as yet.

It said despite the fact that the group has now been classified as a PN17 company, the board is confident that the restructuring and regularisation plan will benefit shareholders in the long run.

At this time, the board has enlisted the assistance of the court's judiciary management, it said.- Bernama