KUALA LUMPUR: Jentayu Sustainables Bhd widened its net loss to RM9.25 million in the third quarter ended Mar 31, 2024 (Q3FY24) from a net loss of RM6.82 million in the same period last year due to lower revenue.
Its revenue dropped to RM5.0 million from RM5.84 million in the same period last year due to the decline of revenue generated from the healthcare division of RM1.50 million compared to the preceding year in the same corresponding period.
For the cumulative period ended Mar 31, 2024, the company posted a net loss of RM20.09 million versus a net profit of RM592,000 in the corresponding period the previous year.
Its revenue slipped to RM18.21 million in the period compared to RM28.19 million a year prior due to revenue generated from Coara Marang project which had achieved its commercial operating date on Sept 17, 2022.
The losses increased by RM21 million in the current financial period mainly due to a RM16.2 million gain on disposal of investment property which was recognised in the corresponding nine months period in preceding year.
Moving forward, the company aims to finalise the acquisition of 46 megawatts of brownfield assets, bolstering revenue streams and advancing its renewable energy goals.
In March 2024, Jentayu Sustainable's application to the Securities Commission regarding the proposed acquisition of the brownfield assets was approved under Section 214(1) of the Capital Markets and Services Act 2007, subject to terms and conditions.
The approval paves the way for the company to secure shareholder's approval via an extraordinary general meeting, which it expects the completion to be in the next financial year.