APFT posts wider net loss in Q2

PETALING JAYA: Practice Note 17 (PN17) company APFT Bhd registered a widened net loss of RM2.58 million for the second quarter ended July 31 compared with RM781,000 in the previous corresponding period, mainly due to operating costs.

Revenue for the quarter under review also plunged 94.2% to RM636,000 from RM10.91 million.

For the first half of the year, APFT’s net loss, however, narrowed to RM2.96 million from RM10.32 million, while revenue plummeted 98% to RM1.24 million from RM61.41 million.

The aviation training provider told Bursa Malaysia that it has embarked on a restructuring exercise, in which it has divested loss-making subsidiaries.

“The group has applied for new ATO licences under APFT Aviation Sdn Bhd which is pending approval. On Sept 13, APFT Services obtained approval for the Air Service Permit. The conditional approval is valid for 12 months.”

APFT said the group is also venturing into other aviation related businesses – tourism and air charter services – as the group has the facilities and assets.

Last June, its external auditor Messrs Adam & Co highlighted a material uncertainty that cast doubt on the group’s ability to continue as a going concern.

It was admitted into PN17 category in January as its shareholders’ equity fell below the 50% threshold.

APFT’s share price was down half a sen or 20% to close at 2 sen yesterday on 25,000 shares done.