KUALA LUMPUR (June 4): Green Packet Bhd targets to return to profit this year, driven by growth in its core business of solutions and communications.

Last week, the digital telecommunications technology group posted a lower net loss of RM3.13 million for its first quarter ended March 31, 2018, which is 42% lower than the net loss of RM5.38 million it recorded a year ago, despite loss after tax widening to RM7.8 million on higher business development and finance costs.

"After returning to black this year, the group is hopeful to see double-digit growth for its financial results in 2019," its chief executive officer Tan Kay Yen told reporters after attending the group's annual general meeting today.

Tan said the group's double-digit growth expectation for its 2019 financial results apply to both revenue and net profit, and will be driven by new business growth and existing business.

"We expect to see single-digit growth for our existing business, while [our] new business should post double-digit growth," Tan added. Among the new businesses the company is in are fintech and Internet of Things.

As at 3.19pm, Green Packet's share price rose 1.5 sen or 4.92% to 32 sen, giving it a market capitalisation of RM240.32 million.