PUC Berhad Narrows Losses as Transition to Loyalty Redemption Business Continues
Group to continue focus on Presto with broadening network and providing loyalty to redemption services by leveraging to larger range in e-commerce platform
PETALING JAYA, 31 MAY 2023 – PUC Berhad (“PUC” or the “Group”), an innovative loyalty to redemption, e-commerce, digital marketing and digital payment solutions provider, today announced that the Group recorded revenue of RM1.45 million for the first quarter ended 31 March 2023 (“1Q 2023”) compared with revenue of RM5.45 million in 1Q 2022.
The Group registered a loss before tax (“LBT”) of RM6.83 million in 1Q 2023 compared with LBT of RM7.85 million in 1Q 2022. On a segmental basis, PUC’s Omnichannel business recorded RM1.05 million revenue and a profit before tax (“PBT”) of RM0.82 million compared in 1Q 2023 compared with RM4.97 million and PBT of RM0.52 million in 1Q 2022.
The Presto business, which comprises a digital ecosystem that includes e-commerce, payments as well as loyalty points redemption and aggregation, registered RM0.40 million in revenue and LBT of RM4.64 million in 1Q 2023 compared with RM0.48 million in revenue and LBT of RM5.11 million in the corresponding quarter of the previous financial year.
Mr. Cheong Chia Chou, Group Managing Director and Chief Executive Officer of PUC said, “We will continue to focus our efforts on the Presto business as we aim to be a significant player in the loyalty redemption segment of the digital payments’ ecosystem. We continue to establish partnerships with brands and financial institutions to offer our members and members of our partners a range of products and services in which they can redeem their points with.”
“In tandem with the growth of our network through partnerships that include BonusLink, Rise Advisory and AirAsia, our e-commerce market will also continue to grow as we seek out products and services regionally and locally that align with what our customers want while at the same time, striving to achieve profitability that can sustain the business.”
Presto, PUC’s Loyalty Ecommerce Redemption e-commerce app aggregator and solutions provider recently signed a loyalty collaboration with VSing to provide VSing members even more value for their loyalty points.
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