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- The property development segment saw its turnover fall to RM1 million from RM6.86 million
KUALA LUMPUR (Oct 19): High building material costs and labour shortages caused Vizione Holdings Bhd to post a wider net loss in its third financial quarter ended Aug 31, 2022 (3QFY22).
The net loss increased to RM7.915 million, from RM5.15 million in 3QFY21.
Revenue, however, rose 29.12% to RM49.92 million from RM38.665 million, mainly driven by the construction segment, the group said in a bourse filing.
Revenue for the construction segment increased to RM49.46 million, from RM22.14 million in 3QFY21.
The property development segment, however, saw its turnover fall to RM1 million from RM6.86 million, while healthcare revenue dropped to RM3.79 million from RM12.21 million.
Vizione’s 3QFY22 net loss was even wider than the RM2.365 million net loss for the immediate preceding quarter. Revenue was down from RM63.75 million in 2QFY22.
“The group faced numerous challenges due to the elevated building material costs, labour shortages, interest rate upcycle and inflationary pressure, which resulted in the loss,” the group said.
“However, the economy has started to recover, resulting from transitions into the endemic phase of the Covid-19 pandemic, with full resumption of business activities.
“Moving forward, the group will continue to work on its construction orderbook of RM3.1 billion,” it added.
Vizione shares closed unchanged at 5.5 sen on Wednesday (Oct 19), with a market capitalisation of RM103.24 million.
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