Anzo posts first quarterly profit in almost 8 years
KUALA LUMPUR: Anzo Holdings Bhd registered its first quarterly net profit in years following the takeover by major shareholder Datuk Eddie Chai Woon Chet two years ago and its venture into construction.
Anzo posted a net profit of RM1.25 million in the fourth quarter ended March 31, versus a net loss of RM3.86 million a year ago.
Revenue for the quarter rose by sevenfold to RM7.58 million.
Anzo managed to reduce its full-year net loss by half to RM4.75 million from RM10.96 million last year, it said in a filing to Bursa Malaysia yesterday.
Chai told NST Business that the company would continue to bid for construction jobs from the public and private sectors.
“Whichever company I go into, if it has a history of making losses, then I will turn it around. I have done it with Vizione Holdings Bhd and XOX Bhd. Both are making money today,” he said.
In early 2014, Chai emerged as Vizione executive director and XOX managing director.
“Even though those companies were in the red, I saw value in them. By venturing into construction and also expanding their existing businesses, I felt these companies were able to do better and I was confident of a turnaround,” he said.
Chai exited Vizione after it became profitable. He said his current focus was to expand XOX and Anzo and help them sustain their profits.
Anzo, previously known as Harvest Court Industries Bhd, had been loss-making for about eight years.
It made headlines in 2014 and early 2015 after being embroiled in a shareholders tussle for control in a falling-out between its then chief executive officer (CEO) cum managing director (MD) Datuk Raymond Chan Boon Siew and Chai, the major shareholder.
The episode culminated in the resignation of Chan from his roles, while Chai was appointed