KUALA LUMPUR (Sept 1): Serba Dinamik Holdings Bhd said it was unable to release its quarterly report for the fourth quarter ended June 30, 2023 (4QFY2023) by Aug 31 as required under the Main Market Listing Requirements.

The troubled oil and gas company did not say why it was unable to meet the Aug 31 deadline, but said it expects to submit the quarterly report by Sept 8.

This is the third consecutive quarter that Serba Dinamik has delayed issuing its financial report within the prescribed time.

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It had only issued the financial report for 2QFY2023 in the first week of March, one week after the Feb 28 deadline.

For 3QFY2023, the financial report was only issued on June 14, two weeks after the May 31 deadline. 

For the first nine months of FY2023, Serba Dinamik’s net loss widened to RM1.17 billion, from RM766.63 million in the previous corresponding period,  as revenue dived 65.7% to RM405.06 million from RM1.18 billion. Loss per share expanded to 31.38 sen from 20.67 sen.

This came after the company posted its largest quarterly net loss of RM972.91 million for 3QFY2023, compared with RM434.19 million a year earlier. This was the company's seven straight loss-making quarter.

Serba Dinamik blamed the massive net loss on impairment of trade receivables amounting to RM865.1 million, arising from projects the company was unable to fulfil.

Quarterly revenue tumbled 97% to RM6.18 million from RM205.48 million a year ago, due to lower contribution from all business divisions.

Serba Dinamik fell into PN17 status on Jan 6 last year, after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.

Serba Dinamik’s shares were suspended on Dec 23, 2022, owing to the company’s failure to submit its annual report for its financial year ended June 30, 2022.

Last month, the company said it has submitted an appeal to Bursa Malaysia Securities against the delisting of the company’s securities.

On Aug 16 of this year, Serba Dinamik said it might be delisted from the Main Market of Bursa Malaysia on Aug 28, after Bursa Securities decided to reject its application for an extension of time to submit its regularisation plan unless an appeal against the delisting was submitted to Bursa Securities by Aug 23, 2023.

Serba Dinamik was originally supposed to submit the plan in January this year, but was granted a six-month extension until July. But after the expiry of that deadline, the company applied to extend the deadline to Jan 5, 2024. 

https://www.theedgemarkets.com/node/681022