Office furniture maker Versalink widens fiscal 2019 loss to RM7m

VERSALINK on Monday said its net loss widened to RM7.0 million for the full year ended Feb 28, 2019, from a RM2.5 million loss the year prior.

Loss per share widened to 5.17 sen, from 1.87 sen a year ago. No dividend has been declared, unchanged from a year ago. Shares in the group was trading flat at S$0.135 on Monday at 1.04pm.sentifi.comRevenue for the year tumbled 19 per cent to RM50.7 million, from RM62.7 million a year ago, from lower revenue from both its export and domestic segments. Export segment revenue dropped to RM30.3 million, from RM31.2 million a year ago. The domestic segment, meanwhile, dropped to RM20.

Other losses widened to RM4.2 million, from RM1.9 million a year ago, from higher allowance for impairment of trade receivables of around RM3.8 million for fiscal 2019. This was partially offset by lower plant and equipment written off, amortisation and writing off of intangible assets and bad debt being written off for fiscal 2018.

For the next 12 month, the group foresees its operating performance to continue being affected by"challenges and uncertainties arising from the global and Malaysia economy".

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Companies mark Earth Day 2019 through textile donation drive and interactive artworkSINGAPORE - Ms Toh Lay Ngoh, 60, of Singapore Press Holdings' Chinese Media Group, donated seven bags of clothing at SPH's Earth Day 2019 event on Monday (April 22), after rallying her family and her colleagues over the past week.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Industrial property market to hold firm in 2019, business parks seen as bright spotTHE industrial property market appears to have bottomed out, with analysts projecting a stable market outlook for this year and citing business parks as a likely outperformer. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Private home prices slipped 0.7% in Q1 2019: URASINGAPORE'S private residential price index declined 0.7 per cent in the first quarter this year, following a 0.1 per cent decrease in the fourth quarter according to Urban Redevelopment Authority (URA) statistics. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Asian stocks inch up but China falters; oil at 2019 highsAsian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »