KUALA LUMPUR (May 23): Hextar Technologies Solutions Bhd, formerly known as Complete Logistics Services Bhd, posted a net loss of RM884,000 in the fourth quarter ended March 31, 2023 (4QFY2023) against a net profit of RM1.06 million in the same quarter last year (4QFY2022).

The company attributed the loss to lower rental income from a tenancy agreement expiration for one of its warehouses and an impairment loss on trade receivables of RM1.2 million. This was despite an offset one-off gain on the disposal of subsidiaries of RM11.2 million in FY2022.

Loss per share amounted to 0.70 sen versus earnings per share of 0.80 sen in 4QFY2022, according to its Bursa filing.

Revenue, meanwhile, improved by 67.62% to RM56.02 million in 4QFY2023 against RM33.42 million before, attributed to its logistics and e-trading of building material businesses.

For the full-year (FY2023), net profit fell 68.17% to RM4.10 million from RM12.88 million a year earlier, even though revenue improved by 42.22% to RM162.17 million from RM114.03 million before.

The group anticipates that the business environment will remain challenging due to a potential global economic slowdown and continuing interest rate hikes.

“Nevertheless, the group is cautiously optimistic with the developments and progress of its technology business,” the filing said.

Hextar Technologies said it is replacing some of its old fleet of prime movers for better operational efficiency and to capitalise on new market opportunities in logistics.

“The business performance of other segments remain positive, and are also expected to grow,” it added.

Hextar Technologies closed 50 sen or 2.08% higher to RM24.50 on Tuesday (May 23), valuing the group at RM3.15 billion.