KUALA LUMPUR (Oct 1): IRIS Corp Bhd rose 6.90% in active trade after the company said it is confident it can return to the black in its current financial year ending March 31, 2019 (FY19), after four years of making losses.

At 9.35am, Iris rose 1 sen to 15.5 sen with 10.19 million shares traded.

“In the past one year, we have divested some 80% of our non-core assets and we don’t see ourselves holding on to the rest (remaining 20%) for another year,” Iris president and group managing director Datuk Poh Yang Hong said, adding these businesses have dragged down the group’s performance in the past.

Speaking to reporters after the group’s annual general meeting today, he said he is confident the group would be able to book a profit this year, as it also focuses on returning to the Malaysian market.

“It would be healthy to have about 30% (revenue) contribution from Malaysia — that would be ideal,” Poh said, noting local revenue contribution had dwindled to less than 10% of its revenue in the last financial year.

Group chief executive officer Shaiful Subhan said there have “definitely” been concrete discussions on new projects, although he declined to reveal details about their size.

“We are in talks with a number of governments (and) we’re close (to securing some deals),” he said, adding the group will make the necessary announcements upon any significant developments.