Suspended Top Builders submits delayed 2QFY2023 report, one more still pending

• The suspension of its shares, since Nov 8, 2022, will continue as Top Builders has another outstanding report to submit — its financial results for the three months ended March 31, 2023 (3QFY2023).

KUALA LUMPUR (June 28): Top Builders Capital Bhd has published its delayed financial results for the second quarter ended Dec 31, 2022 (2QFY2023) on Wednesday (June 28).

The suspension of its shares, since Nov 8, 2022, will continue as Top Builders has another outstanding report to submit — its financial results for the three months ended March 31, 2023 (3QFY2023).

The group reported its fourth straight quarter in the red with a net loss of RM3.15 million for 2QFY2023, on the back of RM2.59 million revenue, versus a net profit of RM205.81 million and a revenue of RM8.57 million a year ago.

Consequently, it made a loss per share of 0.45 sen for 2QFY2023, as opposed to an earnings per share of 29.15 sen for 2QFY2022.

Based on its financial report, total liabilities as at end-2022 stood at RM191.87 million, exceeding total assets at RM117.48 million.

For the first six months of its FY2023, the group incurred a net loss of RM4.77 million compared to a net profit of RM201.04 million a year earlier, while revenue shrank to RM4.02 million from RM15.72 million.

The group, predominantly involved in civil and building construction, expects the industry to improve this year following the transition of the Covid-19 status from pandemic to endemic as well as the government’s focus on completing large infrastructure projects and increased investment on industrial and energy projects. 

However, it remains neutral on the company’s prospects pending the completion of its remaining projects and the regularisation of its Practice Note 17 (PN17) position.

The group fell into PN17 status in June 2020, when the group’s external auditor KPMG PLT expressed doubts in the company’s ability to continue as a going concern as its current liabilities then exceeded its current assets by RM21.6 million. At the time, the company’s equity on a consolidated basis was also less than 25% of its share capital.

The group’s shares were last traded at two sen, giving it a market capitalisation of RM14.12 million.