Caely 4Q net loss shrinks on lower impairment of property development cost

Caely 4Q net loss shrinks on lower impairment of property development cost
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KUALA LUMPUR (May 20): Caely Holdings Bhd’s net loss for the fourth quarter ended March 31, 2022 (4QFY22) shrank to RM9.29 million from RM23.46 million due to an improvement in property development cost on account of lower provision of impairment amounting to RM7.2 million.

Loss per share shrunk to 3.61 sen from 5.57 sen, according to the lingerie maker’s bourse filing on Friday (May 20).

Quarterly revenue slipped 17.09% to RM10.66 million from RM12.85 million, as the group saw buyers cancellation of sold 2 and 3 storeys shop lot amounting to a reduction in revenue of RM4.2 million.

“[This was] partially offset by an increase in manufacturing sales of RM2.2 million or 18.1%, following the gradual opening of the economy arising from post-Covid-19 endemic recovery by various countries, (corresponding) to increase in sales,” it added.  

For the full year (FY22), Caely’s net loss also shrank to RM6.63 million from RM12.38 million, despite its revenue marginally slipping 2.77% to RM55.89 million from RM57.49 million.

On its prospects, Caely said its manufacturing segment is expected to improve, in line with the higher level of economic activities. 

However, the group noted that it expects the Russia-Ukraine war-induced geopolitical tension, higher inflation and rising interest rates to possibly impact the performance of the manufacturing segment.

Notably, its manufacturing segment is the largest revenue and profit contributor to the group, whereas its property development & construction segment is loss making.

Caely shares ended up 3.5 sen or 9.33% at 41 sen on Friday, giving the group a market capitalisation of RM105.88 million.

Esther Lee