KUALA LUMPUR, Aug 27 — UEM Edgenta Bhd recorded a net loss of RM15.2 million in the second quarter (Q2) ended June 30, 2020 compared with a net profit of RM68.1 million in the previous corresponding period.
Revenue was at RM950.3 million from RM1.1 billion previously.
In a statement today, managing director and chief executive officer, Syahrunizam Samsudin said UEM Edgenta’s normalised net profit stood at RM34.8 million in first half for financial year 2020 (1H FY2020), after excluding a one-off impairment of RM50 million on unsold property inventories.
“This was part of the Company’s ongoing restructuring efforts to rationalise the non-core businesses while repositioning and prioritising resources in the healthcare and infrastructure sectors,” he said.
He said the growth in normalised net profit for Q2 FY2020 compared to the previous quarter was proof of the company’s prudent efforts in managing its operating costs and preserving margins on the back of the full Covid-19 pandemic impact during the quarter.
As at 30 June 2020, UEM Edgenta’s balance sheet remains healthy with low gross gearing ratio at 0.3x times.
UEM Edgenta will continue to play a leading role in supporting national economic recovery efforts and work with its clients to ensure services are delivered at the highest level of quality in the present challenging period.
“We will also continue to establish and enhance our technology enabled solutions to deliver best in class services to our clients.
“Our business fundamentals remain firm, as we focus on managing costs and maintaining prudent cashflow management to ensure business resiliency without sacrificing potential opportunities and investments for growth in selected businesses,” said Syahrunizam.
He said besides delivering essential services, UEM Edgenta continues to support the Malaysian government’s efforts during the pandemic through corporate responsibility initiatives which benefited the Ministry of Health (MoH).
“This includes the contribution of 30 units of ventilators, 30 units of patient monitoring systems, as well as the development of an Epidemic Management System which provides MoH with real-time information from hospitals and quarantine centres nationwide.
“Additionally, the Company worked together with MoH’s Engineering Department to successfully construct a Field Hybrid Intensive Care Unit at the Tengku Ampuan Rahimah Hospital in Klang, Selangor, as an alternative solution to ICUs which are in high demand at government hospitals responding to the Covid-19 pandemic,” he added. — Bernama
