Green Packet’s Net Loss Increased to RM49.24 Million in the Second Quarter Due to an Investment’s Fair Value Loss

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Green Packet Bhd’s net loss increased to RM49.24 million in the second quarter ended June 30, 2021 (2QFY21) from RM11.98 million the previous year, owing to a RM17.7 million fair value loss on other quoted investments.

As a result, the loss per share increased to four sen from 1.3 sen a year before.

The group said in a report to the Malaysian stock exchange on Wednesday that its quarterly revenue fell 13.89 percent to RM124.85 million from RM144.99 million, owing mostly to lower incoming traffic on voice minutes from the communications segment.

Quarterly, the group reported a net loss of RM18.81 million in 2QFY21, down from a profit of RM18.81 million in the preceding quarter (1QFY21), while revenue declined 12.51 percent to RM142.71 million in 1QFY21.

Green Packet’s net loss narrowed to RM30.44 million in the six months ended June 30, 2021 (1HFY21) from RM46.06 million in the same period last year, while sales fell 8.38 percent to RM267.56 million from RM292.04 million.

The group stated that it will continue to diversify its revenue streams and increase future margins by pursuing new options that will support the digital demands of consumers, small and medium-sized businesses, and underdeveloped markets, while also contributing to nation-building activities.

“The organisation has launched a first-of-its-kind prepaid card in partnership with Visa, the world’s largest payment technology business, to expedite Malaysia’s transition to a cashless society.

“Kiplepay (Green Packet’s e-wallet) has also got authorisation from Bank Negara Malaysia (BNM) for a new RM10,000 e-wallet limit, expanding transaction choices and user segments. The regulator also recognised Kiplepay’s e-KYC solution, which will further strengthen the security of Kiplepay’s financial offerings.

Additionally, the group has applied to BNM for one of the five digital banking licences alongside consortium partners Zico Holdings Inc and M24 Tawreeq Sdn Bhd, as well as numerous other key partners,” it stated.

Green Packet’s shares ended at a 52-week low on Wednesday and settled two sen, or 14.29 percent, lower at 12 sen, for a market capitalization of RM162.37 million.

Published by Zack Baharum

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