Friday 29 Mar 2024
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KUALA LUMPUR (Dec 31): Octagon Consolidated Bhd, a Practice Note 17 (PN17) company since June 2012, has narrowed its net loss a remarkable 99% to RM1.68 million in its fourth quarter ended Oct 31, 2014 (4QFY14 ), from a net loss of RM155 million a year ago, due to increased demand in its coatings division.

Consequently, its loss per share was reduced to 01.01 sen from 93.45 sen a year earlier.

Revenue for 4QFY14 was higher by 3.03% at RM9.24 million, up from RM8.96 million, which Octagon told Bursa Malaysia was solely contributed by its coatings division.

“The increase in turnover of coatings division in current quarter under review as compared to the corresponding quarter in the last financial year was mainly due to increase in demand by existing customers,” it said.

For its full year (FY14), Octagon recorded a net loss of RM19.73 million compared to a net loss of RM166.87 million in the previous financial year, an improvement of 88%.

Octagon’s full year revenue, however, was a marginal 3.4% lower at RM36.55 million from RM37.83 million in FY13.

On prospects, the group said it would continue current efforts to implement various measures to turnaround the group’s profitability under its proposed regularisation plan, which has been submitted to Bursa Malaysia in June, and is still awaiting decision from the regulatory body.

Octagon shares have been suspended since November last year.

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