KUALA LUMPUR (March 26): Eduspec Holdings Bhd is expecting to turnaround in its financial year ending Sept 30, 2018 (FY18), after making losses in the last financial year.

Speaking to reporters after its annual general meeting here today, its chief executive officer Lim Een Hong said the company will be cautiously making cost-cutting measures for its business operations.

Moving forward, Lim noted Eduspec will be focusing on two of its main business STEM (Science, Technology, Engineering and Mathematics), as well as Education Services to Parents (ESP) business, and less on governmental budget contracts.

"It was bad," Lim said when asked about its earnings last year, attributing its net losses last year to lower governmental budget contracts in Indonesia. 

"We were too dependant on government contracts," he added, noting the Indonesia business used to contribute about 50% of its earnings.

At noon break, shares in Eduspec were down half a sen or 6.25% lower to 7.5 sen, for a market capitalisation of RM75.14 million.