Iris Corp posts RM1.8m losses in Q3

By | February 22, 2017

KUALA LUMPUR: Iris Corporation Bhd posted losses of RM1.79mil in the third quarter ended Dec 31, 2016 – almost double from a year ago — due to a weaker performance of its property and education divisions.

It said on Wednesday the losses were higher than the RM922,000 a year ago. Its revenue fell 6.6% to RM135.45mil from RM145.14mil. Loss per share was 0.08 sen compared with 0.05 sen.

It said the traditional core business – Trusted Identification Division – recorded a 51% increase in  revenue of RM117.6mil from RM77.9mil a year ago mainly due to delivery of Senegal eID card project. 

However, its property development and construction sub-division’s revenue fell 75% to RM13.7mil from RM54.7mil a year ago. The decline was mainly due to lower sales derived from Rimbuan Kaseh and Sentuhan Kasih programmes from the State Governments and FELDA respectively in the quarter.

 Its food and agro sub-division recorded RM1.8mil in revenue, an improvement from the RM400,000 a year ago due to higher farm produce in Rimbunan Kaseh farms. 

Iris’ education division saw its revenue remaining flat at RM2.3mil. It pointed out the division recognised a segment loss mainly due to high administrative costs incurred in this quarter. 

For the nine-month ended Dec 31, 2016, it posted net losses of RM27.03mil compared with earnings of RM4.53mil. Its revenue declined 18.4% to RM303.14mil from RM371.47mil.

Source: The Star