KUALA LUMPUR (Feb 27): TIME ENGINEERING BHD [] posted net loss of RM1.81 million in the fourth quarter ended Dec 31, 2011 compared with net profit of RM528,000 a year ago as revenue declined due to unfavorable ICT market conditions as well as competitive pricing for the awarded projects.
It said on Monday its revenue fell 26.9% to RM16.01 million from RM21.91 million. Its loss per share was 0.23 sen compared with earnings per share of 0.07 sen.
For FY2011, its earnings were RM87.49 million compared with RM8.19 million a year ago as it recorded a gain of RM91.93 million on disposal of investment.
Its revenue fell RM25.4% to RM65.34 million from RM87.69 million.
“Other than unfavorable ICT market conditions as well as competitive pricing for the awarded projects, the lower revenue in the current year was affected by the completion of the MAMPU project and supply of ICT Equipment for MIS Implementation in Vietnam,” it said.
It said on Monday its revenue fell 26.9% to RM16.01 million from RM21.91 million. Its loss per share was 0.23 sen compared with earnings per share of 0.07 sen.
For FY2011, its earnings were RM87.49 million compared with RM8.19 million a year ago as it recorded a gain of RM91.93 million on disposal of investment.
Its revenue fell RM25.4% to RM65.34 million from RM87.69 million.
“Other than unfavorable ICT market conditions as well as competitive pricing for the awarded projects, the lower revenue in the current year was affected by the completion of the MAMPU project and supply of ICT Equipment for MIS Implementation in Vietnam,” it said.
