BUKIT JALIL (Sept 28): Armed with a healthier balance sheet and a focus on its core business of trusted identification solutions, IRIS Corp Bhd is confident it can return to the black in its current financial year ending March 31, 2019 (FY19), after four years of making losses.

“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.

Meanwhile, new substantial shareholder Datuk Seri Robin Tan Yeong Ching, who emerged in the group after acquiring 247.19 million shares or a 8.33% stake on Sept 21, is “just an investor” and “will not sit on the board,” Poh said.

Poh himself and Datuk Rozabil@Rozamujib Abdul Rahman had emerged as shareholders in Iris in July last year, having acquired a nearly 10% stake via private investment vehicle Caprice Development Sdn Bhd.

At midday break today, Iris was flat at 14.5 sen, with 1.51 million shares done.