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Friday, May 30, 2014

Formis turns around, posts net profit of RM14m in 4Q (Edge)

Formis Resources Bhd (FRB) posted net profit of RM14.1 million in its fourth quarter ended March 31, 2014, compared to a net loss of RM40.2 million in the previous year’s corresponding quarter.

However, revenue for the quarter fell 19% to RM88.5 million, from RM109.7 million in the year before.

The group attributed the fall in revenue to lower revenue from its business performance services segment, trading and distribution services segment and its digital & infrastructure services segment.

Despite the declined revenue from its business performance services segment and its trading and distribution services segment, both divisions posted higher profit for the quarter.

For the full financial year, net profit stood at RM30.9 million from a net loss of RM40.2 million in the preceding financial year, while cumulative revenue rose to RM351.6 million from RM338.6 million.

Going forward, the company said it will continue to explore potential business partnerships with local and international businesses.

“The board is optimistic that the group’s financial performance in the new financial year will remain positive,” said the company.

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