KUALA LUMPUR (July 23): Texchem Resources Bhd’s net loss for its second quarter ended June 30, 2019 (2QFY19) widened to RM8.23 million from RM3.61 million a year ago, dragged down by losses at its polymer engineering and restaurant divisions. 

It recorded a loss per share of 6.79 sen, versus 2.97 sen in 2QFY18, the company said in an exchange filling today. 

Its revenue for the quarter fell 0.5% year-on-year to RM274.12 million, from RM275.50 million. 

For the cumulative six-month period (1HFY19), Texchem’s net loss also widened to RM5.81 million from RM5.61 million a year ago, while revenue rose 1.68% to RM559.96 million, from RM550.70 million.  

Going forward, Texchem said it expects business to remain challenging for its industrial and polymer engineering divisions.  

Nevertheless, the group said that its polymer engineering division has gone through a major organisational change and is now focusing on execution of its strategies, while its industrial division will speed up efforts to improve performance.

For the food division, Texchem said it would continue to intensify efforts in rationalisation and supply chain management. 

As for the restaurant division, the group said it would adopt a prudent approach on new outlet opening and is in the process of remodelling its existing restaurants.  

Shares of Texchem closed half sen or 0.83% lower at 60 sen today, leaving the group with a market capitalisation of RM72.60 million. The counter saw some 138,900 shares transacted today.