KUALA LUMPUR (May 23): Pertama Digital Bhd slipped into a net loss of RM1.78 million in the first quarter ended March 31, 2023 (1QFY2023), from a net profit of RM5.08 million a year ago, weighed down by higher operating expenses.

It posted a loss per share of 0.41 sen in the quarter under review against earnings per share of 1.17 sen in the same period last year, according to its bourse filing.

Quarterly revenue declined 73.57% to RM1.35 million from RM5.11 million a year ago on higher operating expenses.

On a quarter-on-quarter basis, Pertama’s net loss narrowed from RM41.55 million in 4QFY2022, while revenue rose 21.42% from RM1.11 million on the back of higher commission earned from eJamin bail collection, a digital bail payment solution used in criminal courts throughout Malaysia.

On its prospects, Pertama said that many of the government’s Malaysia Digital Economy Blueprint’s (MyDigital) objectives are aligned with its business plans, hence, the group intends to incorporate all the government digital initiatives into its strategies and actively participate in executing the MyDigital blueprint.

“With further plans in development, which will be announced at the appropriate time, the mobile and digital solutions businesses of the group have a promising outlook,” it said.

Pertama was formerly known as Sinotop Holdings Bhd, and is primarily involved in investment in fintech and government technology companies, including in the digital and mobile space.

In a separate filing, the group announced that it has redesignated Datuk Dr Ng Bee Ken, 68, to its new non-independent and non-executive director from his previous post as the group’s independent director.

Pertama’s share price closed 14 sen or 5.22% higher at RM2.82 on Tuesday (May 23), valuing the group at RM1.22 billion.