KUALA LUMPUR (June 28): Retail technology solutions provider Radiant Globaltech Bhd posted a net profit of RM189,000 on revenue of RM13.8 million for the first quarter ended March 31, 2018, with 91% of the revenue contributed by the hardware and maintenance segment, and the balance from software.

"The group had maintained gross margins in 1Q18. However, the group also incurred higher operating expenses due to increased administrative expenses, as well as higher labour costs and related expenses from an expanded workforce in 1Q18 compared to a year ago, in preparation for the group to execute its growth plans," it said in a filing to Bursa Malaysia today.

There are no comparative figures for the quarter and cumulative period in the previous year as it is the group's first announcement of financial statements on consolidated results in compliance with the ACE Market Listing Requirements of Bursa Malaysia Securities Bhd.

Radiant Globaltech launched its initial public offering of 128.1 million new shares at an issue price of 23 sen per unit today as it seeks to raise RM29.5 million. The group will list on the ACE Market on July 24, 2018.

The money raised from the IPO will go towards business and capital expansion.