KUALA LUMPUR (May 28): Perwaja Holdings Bhd saw its net loss for the three months ended March 31, 2015 at RM119.57 million, on zero production and low sales volume.  

In a filing with Bursa Malaysia today, the group said its financial year end has been changed to June 30, from Dec 31, to cover the 18-month period from Jan 1, 2013 to June 30, 2014, hence there is no corresponding quarter for comparison.  

Perwaja (fundamental: 0; valuation: 0) said that within the current quarter under review, the group reported a revenue of RM200,000, mainly due to zero production and low sales volume.  

"The zero production was affected by the gas and electricity supply curtailment by Petronas and TNB, at the material time. This resulted in [Perwaja subsidiary] Perwaja Steel Sdn Bhd (PSSB)'s inability to secure the necessary working capital for resumption of production," it explained.  

For the cumulative nine months ended March 31, the group's net loss was at RM233.72 million.

On prospects, the loss-making company said it is undertaking a debt restructuring exercise to address its liquidity issue.  

It said the group's prospect is highly dependent on the approval of the restructuring scheme by the scheme creditors, negotiation with secured lenders and government of Malaysia, and implementation of the restructuring scheme.

"In view of the above, the prospects will continue to be challenging," it added.  

Shares in Perwaja closed down two sen or 11.76% at 15 sen today, for a market capitalisation of RM95.2 million.  

(Notes: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)