PETALING JAYA: Nationwide Express Holdings Bhd has triggered the PN17 status criteria after its loss widened to RM5.84 million in the third quarter ended Dec 31, 2019 from RM928,000 a year ago.
“Based on the consolidated quarter results as at Dec 31, 2019, the shareholders’ equity of the company is below 50% of its issued share capital,” the group said in a stock exchange filing.
Its revenue fell 21.39% to RM14.98 million compared with RM19.05 million in the previous year’s corresponding quarter.
The group’s loss for the nine-month period increased to RM9.67 million compared to RM4.61 million in the previous corresponding period.
The group’s revenue stood at RM52.82 million, 6.3% lower as compared to RM56.38 million in the previous corresponding period, dragged down by the courier business.
“The business remains challenging for the company. The management continues with its effort to secure additional sales and managing costs down to improve profitability,” Nationwide said.
source https://www.thesundaily.my/business/nationwide-express-slips-into-pn17-status-DA2046665
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