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KUALA LUMPUR: MyEG Service Bhd recorded its first quarterly loss in the quarter ending September on depreciation charges related to the elimination of the Goods and Services Tax (GST) system.
The company, in a document filed Thursday in Bursa Malaysia, announced it had recorded a net loss of RM 97.5 million on a turnover of RM 138.3 million.
MyEG, in a paper filed Thursday with Bursa Malaysia, said its latest quarterly results were affected by a depreciation of an associated company amounting to RM 95.45 million and a write-down of Equipment of 76.29 million RM.
"The board of directors wishes to clarify that the necessary exercises as well as the capital expenditures incurred for the system of tax supervision that were to be deployed under the GST were depreciated during the year 2018" , did he declare.
For the fiscal year ending September 30, 2019, MyEG stated that it would deploy these assets in other countries.
"The board is convinced that the company will have the opportunity to deploy a similar system in the other countries where we are present and to redeploy the system built and assets acquired (whose value has been altered) in these countries," It said.
Earlier this week, MyEG Services Bhd signed a memorandum of understanding to acquire a 40% stake in Indonesia-based e-government service provider PT Cartenz Technology Indonesia for US $ 10 million (US $ 42 million). RMB).
"We are expanding our regional presence in Asia with the recent introduction of new joint ventures and services in the Philippines, Bangladesh and Indonesia," he said.
"These are the new markets that could also contribute to our growth for the 2015 financial year," he added.
MyEG, in June of this year, changed its fiscal year-end from June 30th to September 30th. The company was listed on the Bursa Malaysia Stock Exchange in July 2007.
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