Serba Dinamik Holdings Bhd reported a widened net loss of RM251.5 million in the second quarter ended December 31, 2023 (Q223), compared to RM89.7 million in the same period last year.
The revenue for the quarter slumped by 86.99% to RM13.8 million, mainly due to a 93% decline in Operation and Maintenance (O&M) operations and a cessation in the Engineering, Procurement, Construction, and Commissioning (EPCC) operations.
The O&M segment remained the primary revenue contributor, accounting for 82.7% of total revenue, while Education and Training contributed the remaining 17.1%.
The EPCC and ICT segments reported no revenue due to contract termination and operational cessation.
The overall revenue experienced an 87% decline from the corresponding quarter last year, with a substantial 90% decrease in O&M operations but a significant 95% increase in revenue from the Education & Training segment.
Year-to-date net loss widened to RM336.2 million, and revenue fell 91.21% to RM28.03 million.
O&M continued to be the primary revenue contributor, accounting for 82.7% of total revenue.
Serba Dinamik anticipates operational challenges in 2023 due to global economic uncertainty and liquidity issues, emphasising the O&M segment as its core competency.
As a PN17 classified company, the company said it is committed to resolving issues through a restructuring and regularisation plan for the benefit of stakeholders.