Abang Izzarim had brought a good team to revitalise Minetech. For someone of his stature, what is rm140million annual revenue? You can make that in crypto. Nowadays rm150 million revenue is small change. So, clean up the balance sheet and scour for massive project. Time will tell. My 2cent

Whoever run the finance department must give thumbs up

Page 9 of 13 Quarterly Report under Services

"The operating loss is due to ONE-OFF recognition of impairment loss on trade receivables."

Else the company operation will be making profit. Hopefully this is the last of impairment.

But what is more significant is the drop in Account Payable simultaneously from rm 53.6 millions to rm26.7 millions.

IMO, Minetech is on the right path to clean up the balance sheet. A good mgmt will always look at impairment to sort out the company. Just look at what Armada did. It may be another 2 quarters b4 we see a healthy n consistent result. Couple with new projects then the company is on the road to regular profit. No point having new project now when balance sheet is not clean up. My 2cent

Page 9 of 13 Quarterly Report

The group recorded a loss before tax of rm6.57million as compared to profit before tax of rm0.05million recorded in the immediate preceding quarter, mainly due to Impairment exercises made. The Group recorded a positive adjusted EBITDA of rm1.14million for the quarter.

IMHO, it is a good exercise to clean out the impairment from Account Receiveable.