KUALA LUMPUR (March 16): Mentiga Corp Bhd posted a net loss of RM1.69 million in the fourth quarter ended Dec 31, 2020 (4QFY20) from a net profit of RM8.63 million a year earlier on lower recognition of income from timber extraction and trading in timber-related products.

The group also registered loss per share of 2.36 sen from earnings per share of 12.02 sen in 4QFY19, its filing with Bursa Malaysia today showed.

Revenue for 4QFY20 dropped 86.11% to RM1.61 million from RM11.62 million a year ago.

For the full FY20, net profit plunged 73.98% to RM833,000 from RM3.2 million a year ago, while revenue slipped 1.85% to RM14.93 million from RM15.21 million.

On prospects, Mentiga expects revenue from oil palm plantation, and timber-related and mining activities to continue to contribute to the group’s earnings for the next year.

“Barring any unforeseen circumstances, the board of directors is of the view that the group will record favourable performance for the financial year ending Dec 31, 2021,” it said.

At noon break, shares of Mentiga settled 2.5 sen or 2.92% lower at 83 sen, valuing the group at RM58.1 million.