TBKS HLDGS (01960) Profitability Alert expects annual net loss of approximately RM39 million

According to the Zhitong Finance App, TBKS HLDGS (01960) announced that the Group expects a net loss of approximately RM39 million for the year ended June 30, 2024, compared with a net loss of approximately RM9 million for the year ended June 30, 2023.

The deterioration in financial performance was mainly due to a sharp decrease in revenue from petroleum and related products trade in China from about RM276 million in the previous year to about RM180 million in the current fiscal year, while gross profit decreased by about 93% from about RM8 million in the previous year to about RM1 million in the current fiscal year; and the net impairment loss of anticipated credit losses on trade receivables, contract assets and other receivables increased sharply from about RM2 million in the previous year to around RM22 million in the current fiscal year.