KUALA LUMPUR (April 26): Sarawak Cable Bhd registered a RM14.2 million net loss or 3.55 sen loss per share for the third quarter ended Feb 28, 2023 (3QFY2023) on a revenue of RM130.55 million.

There are no comparative figures for the preceding year corresponding period as the company has changed its financial year end from Dec 31 to May 31.

Its total net loss for the cumulative nine months ended Feb 28 (9MFY2023) was RM26.44 million or 6.63 sen per share, while total revenue stood at RM455.94 million, according to the power cable and wire producer’s filing with Bursa Malaysia on Wednesday (April 26).

According to Sarawak Cable, the company’s performance was affected by the lower revenue from cable and wires segment which contributed 84.9% of its total revenue for 9MFY2023.

The segment recorded a revenue and loss before tax (LBT) of RM387.1 million and RM23.6 million respectively.

“The decrease in revenue which was insufficient to absorb the operations overhead led to the slight decrease in the gross margin. However, this has been mitigated by the increase in revenue from transmission lines construction segment due to more activities at site,” it said.

On its prospects, Sarawak Cable said it is currently undertaking a restructuring programme to rehabilitate its performance and financial position, which is expected to be completed by the first half of 2023.

In separate filings, the group announced the resignation of Joseph Nixon S. Loudersamy as its acting chief executive officer (CEO) due to personal reasons. Russel Walter Boyd, who has extensive experience in finance and capital market transactions, has been appointed as the group's new CEO.

The resignation and appointment took effect from Wednesday (April 26).

Shares of Sarawak Cable, which have risen 21.43% year-to-date, closed flat at 8.5 sen on Wednesday, giving it a market capitalisation of RM32.03 million.