RGB to post fourth-quarter loss on lower sales, higher costs

Malaysian casino equipment supplier and distributor RGB International Bhd reported revenue of 18.6 million yuan ($22.9 million) in the fourth quarter of 2023, down 9.4% from a year ago. Results were down nearly 36.3% quarter-on-quarter.

The company lost just under 26.8 million yuan in the fourth quarter, attributable to shareholders, compared to a profit of 9.4 million yuan in the same period last year and 26.2 million yuan in the previous quarter.

RGB said its fourth-quarter earnings were affected by “shipment delays.”

The supplier’s administrative expenses rose 298.2% year-over-year to 47.6 million yuan in the fourth quarter. It was up 275.9% sequentially.

RGB also announced to Bursa Malaysia a “second interim dividend” of MYR0.008 per share, due on April 18, coinciding with its quarterly results on Thursday. The company paid a special dividend of MYR0.006 each in October and a “first interim dividend” of MYR0.006 per share in January this year.

The company posted negative earnings before interest, taxation, depreciation and amortization (EBITDA) of 13.8 million yuan in the three months to Dec. 31, compared with EBITDA of 25.4 million yuan a year ago and 39.7 million yuan in the third quarter of 2023.

Most of RGB’s fourth-quarter revenue, MYR 79.6 million, came from product sales and marketing, down 7.0% year-over-year, the data showed.

In the last quarter of 2023, sales in the technical support and management division fell 16.2% year-over-year to 27.5 million yuan. Engineering services sales fell 41.7% year-over-year to 6.4 million yuan.

For all of 2023, RGB’s shareholder profit rose 682.8% year-over-year to nearly 36.5 million MYR. Total revenue rose 159.7% year-over-year to 70.7 million MYR.

RGB said in a filing on Thursday that it had “adopted a more cautious and cautious decision” in determining impairment losses on accounts receivable, “despite ongoing monitoring and follow-up measures for each debtor.”

“In view of the aging receivables, the organization has decided to recoup these expenses from the kitchen, even though some of the debtors have agreed to the repayment schedule,” it explained.

The company added: “Therefore, the Group has established exceptional provisions for impairment losses on accounts receivable amounting to MYR 13.9 million and MYR 21.2 million, respectively, for its sales and marketing and technical support and management segments for the quarter ended December 31, 2023.”

Going forward, the company said, “The outlook remains robust, particularly driven by promising market conditions in key regions like the Philippines.”

“Unless unexpected conditions occur, we expect to achieve better performance in 2024,” it said.

BY: 실시간경마사이트

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