KUALA LUMPUR: Malaysian Genomics Resource Centre Bhd
remains on the lookout for opportunities to grow its genetic screening business and distribution network.
"The group will continue to engage with strategic partners across Southeast Asia, the Middle-East North Africa region and US to grow our distribution network for FMCG products related to cosmeceuticals, wound healing, and genetic-based fitness programmes," said executive director Azri Azerai in a statement.
In the third quarter of its financial year ended March 31, 2023, Malaysian Genomics swung to a net loss of RM2.86mil as compared with a net profit of RM1.96mil in the same quarter a year ago.
The group's bottomline represented a loss per share of 2.2 sen versus earnings per share of 1.6 sen in the comparative quarter.
Revenue during the quarter under review was RM680,000, sharply lower than RM5.08mil in 3QFY22.
According to a filing with Bursa Malaysia, the group said the lower revenue was owing to its switch from vaccines to immunotherapy and cell therapies under its biopharmaceutical business and the organic growth of its genetic screening business.
It said the revenue was also affected by business development activities including the opening of new territories and developing new products suitable for the fast-moving consumer good (FMCG) market
"This refocusing of the group's effort towards building its biopharmaceutical business is in support of future growth and sustainability," it said.
For the nine months period to March 31, 2023, Malaysian Genomics recorded a net loss of RM3.22mil on revenue of RM6.14mil as compared with net profit of RM3.2mil on revenue of RM22.03mil.
