KUALA LUMPUR (Feb 26): My E.G. Services Bhd, which has changed its financial year-end from June 30 to Sept 30, posted a net profit of RM58.66 million or 1.7 sen per share for its new first quarter ended Dec 31, 2018.

This was on the back of quarterly revenue amounting to RM116.23 million, the group said in a bourse filing.

Income in the quarter came from Government-linked concession-related services and ancillary services, coupled with commercial services under motor vehicle trading, financing, tax monitoring system sales, and credit card terminal deployment, the group said.

On prospects, MyEG said it seeks to expand into the Philippines, Bangladesh and Indonesia, particularly tapping into “the continuous growth of transactions” in these markets.

“MyEG’s board of directors is cautiously optimistic that these are the new markets which potentially may contribute to our organic growth for FY19 onwards,” it said.

It also clarified that necessary impairments have been made in relation with the Goods and Services Tax monitoring system that was consequently not rolled out in Malaysia.

However, the group is confident that there will be opportunities available for it to roll out similar systems in other countries in which it is present.

Shares of MyEG rose one sen or 0.98% to close at RM1.03, giving it a market capitalisation of RM3.71 billion.