PETALING JAYA: Sarawak Cable Bhd
(SCB) has appointed Russell Walter Boyd as its new group chief executive officer (CEO), succeeding Joseph Nixon Lourdesamy who was the acting CEO.
The cable and wires manufacturer said Russell, a British citizen with permanent residency in Malaysia, brings a wealth of experience in finance, capital market transactions, and operationally-focused value creation with his time at firms such as Navis Capital and Creador.
In a separate filing with Bursa M,alaysia, SCB said Joseph has resigned as the acting CEO due to personal reasons.
Meanwhile the PN17 company also reported a net loss of RM14.15mil for its third quarter ended Feb 28, 2023, on revenue of RM130.55mil yesterday.
It reported a basic loss per share of 3.55 sen for the quarter.
There are no comparative figures as the company’s financial year end has been changed from Dec 31 to May 31.
For the nine-month period ended Feb 28, 2023, SCB reported a net loss of RM26.44mil on revenue of RM455.94mil.
According to SCB, its sales of cables and wires segment contributed 84.9% of its total revenue. The segment recorded a revenue and loss before tax of RM387.1mil and RM23.6mil respectively.
The revenue was insufficient to cover the manufacturing and operating expenses incurred by the cables and wires segment which led to a segment-loss recognised.However, the market demand for products under the segment had shown an improvement due to the reopening of economic sectors in Malaysia in January 2022.
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