KUALA LUMPUR: Hytex Integrated Bhd, a Practice Note 17 company, has finally submitted its first-quarter financial results to Bursa Malaysia yesterday, reporting a wider net loss of RM7.55 million for the three months ended June 30, 2014 (1QFY15) from RM4.4 million a year ago on lower sale orders and cessation of its manufacturing operations.

Revenue for 1QFY15 fell 61.33% year-on-year to RM3 million from RM7.77 million a year ago. Similarly, its loss per share widened to 5.03 sen from 2.94 sen a year ago.

On Monday, the garment manufacturer had announced that it had failed to submit its 1QFY15 results to the regulator by the Aug 31 stipulated deadline as it was adapting to a new working relationship with its liquidators in view of the winding-up situation.

In a filing with Bursa Malaysia yesterday, Hytex attributed the lower revenue to a decrease in sale orders and boutique sales during the quarter under review.

On prospects for the financial year ending March 31, 2015 (FY15), Hytex said the directors are fully aware of the serious constraints in its working capital, which is affecting the performance of the group.


This article first appeared in The Edge Financial Daily, on September 10, 2014.