KUALA LUMPUR: Minetech Resources Bhd narrowed its losses in the financial year ended March 31, 2024 (FY24) to RM7 million from RM10.59 million in the previous year.
The company said the smaller loss was due to enhanced operational efficiencies, stringent cost management practices, and strategic project completions that reduced overall expenditure.
The company also benefited from increased contributions from the energy segment, which helped offset declines in other areas.
Group revenue for FY24 rose to RM128.14 million versus RM123.77 million a year ago.
For the fourth quarter, the company narrowed its net loss to RM5.9 million versus RM7.47 million net loss a year ago.
Its revenue for the quarter under review slightly dropped to RM33.47 milliom from RM36.44 million in the same period last year.
Both its civil engineering division and bituminous products saw a slight decrease of revenue to RM23.01 million and RM7.6 million respectively.
However, the energy segment, representing Minetech's venture into renewable energy, contributed RM1.78 million in revenue for the quarter, marking a successful entry into the renewable energy sector.
"While the quarter presented several challenges, our strategic direction and adaptability have proven effective. The contract renewal for the Selinsing gold mine project is a testament to our capabilities and commitment to growth.
"We remain focused on driving sustainable value for our stakeholders as we navigate the evolving market landscape," said Minetech executive chairman Abang Abdillah Izzarim.