Nationwide Express Q4 net loss widens to RM 6.3mil

PETALING JAYA: Nationwide Express Holdings Bhd fell further into the red in its fourth quarter ended March 31, as its net loss widened to RM6.3mil compared with RM3.92mil in the previous corresponding quarter.

In a filing with Bursa Malaysia yesterday, the courier and logistics company said its earnings were impacted due to the lower business volume of the courier segment.

Revenue during the quarter, however, increased to RM23.58mil from RM21.06mil a year earlier.

For the financial year ended March 31, 2017, the company’s net loss ballooned to RM15.78mil from RM6.16mil in the previous corresponding period, while revenue declined to RM86.91mil from RM91.92mil a year ago.

“The revenue in the courier segment decreased by 62% from RM87.59mil in the previous year to RM82.10mil currently. The decrease was mainly due to the decrease in volume during the year,” said Nationwide Express.

“The courier segment has recorded a loss net of tax of RM15.12mil as compared to the loss net of tax of RM3.10mil recorded in the previous year under review,” it added.

On its prospects, the company expects the business environment for the coming quarter to be more challenging in light of the current economic situation.

Nationwide Express is the investment holding company of Nationwide Express Courier Services Bhd (NECSB).

Last month, a proposed merger between NECSB and Airpak Express (M) Sdn Bhd was called off.

The proposed merger between NECSB’s courier business and Airpak was to have been effected via the proposed acquisition of Airpak for RM33.16mil.