Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 15): YFG Bhd has announced that two of its directors have resigned to save the loss-making company some money.

Independent and non-executive director Tan Boon Chai @ Lee Boon Chuan and non-independent and non-executive director and Teh Yee Joo both cited a desire to reduce the commpany’s costs via their resignations.

Tan’s resignation is effective today while Teh's resignation is effective on Jan 30, the company said today.

YFG had reported net losses for eight consecutive quarters, starting from the financial year ended September 30, 2016 (FY16).

In the fourth quarter ended Sept 30, 2018 (4QFY18), the company saw a narrower net loss of RM3.22 million compared with RM5.55 million in the previous corresponding quarter. Revenue slumped 93.41% y-o-y from RM20.08 million to RM1.32 million.

The lower loss in 4QFY18 was primarily due to significant lower tail-end project cost recognised for the completed projects, it said.

For the full year of FY18, YFG reported a narrower net loss of RM12.98 million from RM29.29 million in FY17. Revenue plunged 90.77% to RM4.56 million from RM49.38 million a year earlier.

The company said the lower loss was in tandem with the low revenue recorded for the financial year, negated by the higher professional fees for the proposed regularisation plan submitted to Bursa Malaysia Securities Bhd during the quarter under review as well as legal fees for the on-going legal matters.

YFG, an electrical and mechanical engineering services provider, fell into PN17 status in Sept 2015, after its auditors expressed emphasis on the company's ability to continue as a going concern.

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