Anzo posts first quar­terly profit in al­most 8 years

New Straits Times - - Business -

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

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