KUALA LUMPUR (Feb 26): Advance Synergy Bhd (ASB) returned to the black with a net profit of RM74.94 million for the financial year ended Dec 31, 2019 (FY19) against a net loss of RM4.9 million in FY18.
Revenue, however, declined to RM275.52 million from RM283.58 million previously, it said in a filing with Bursa Malaysia today.
It said revenue of information and communications technology (ICT) and other divisions decreased by RM21.9 million and RM0.8 million, respectively, for FY19 compared to FY18.
“This was partly offset by the increase in revenue of travel and tours, hotels and resorts, and property development divisions of RM12.8 million, RM1.5 million and RM700,000, respectively,” it added.
The company said the COVID-19 outbreak may affect its major divisions, hotels and resorts, and travel and tours.
“However, barring unforeseen circumstances, the board is cautiously optimistic of the growth prospects of our established core businesses if the impact is limited to the first half of 2020.
“For non-core loss-making businesses, the turnaround plans which have been implemented are showing good results,” it added.
http://www.theedgemarkets.com/article/advance-synergy-returns-black-fy19
