KUALA LUMPUR (Sept 28): Nexgram Holdings Bhd’s net loss for the fourth quarter ended July 31, 2018 expanded to RM48.62 million, from RM8.53 million a year ago.

The information technology group blamed this on an impairment of unquoted investment totalling RM8.02 million, a write-off of goodwill on consolidation amounting to RM10.14 million, and a write-off of pre-development cost of RM12.40 million.

Nexgram also suffered a loss on disposal of subsidiaries of RM15.63 million, the group said in a bourse filing today.

Quarterly revenue fell 28.4% to RM13.25 million, from RM18.5 million in the previous corresponding quarter, due to a lower revenue from the property division and a subsidiary involved in dealing with a wide-ranging choice of security and video surveillance equipment.

For the full financial year, Nexgram’s net loss ballooned to RM578.64 million from RM17.29 million in the previous year, while revenue dipped 14% to RM45.64 million from RM53.1 million.

Nexgram, which is also involved in the video surveillance equipment business and property development, said the group is currently looking for potential partners to widen its business opportunities to expand its sources of income and profitability.

Nexgram’s shares closed one sen or 25% higher at three sen today, giving it a market capitalisation of RM51.72 million.  Over the past 12 months, the counter has fallen some 37.5%.