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KUALA LUMPUR: PDZ Holdings Bhd’s net loss widened to RM6.5mil in the fourth quarter ended Dec 31, 2020 against RM2.82mil in the same period a year ago.
The company said the higher loss after tax was mainly due to higher customer acquisition, business development cost coupled with provision for claims.
Its revenue for the quarter fell to RM1.71mil against RM2.05mil year-on-year, due to the lower volume transported by the group.
For the full financial year ended Dec 31, PDZ posted a net loss of RM15.34mil against RM10.4mil a year ago. Revenue for the period fell to RM5.02mil from RM5.75mil previously.
“The group foresees prolonged challenges on the prospect for the financial year ending Dec 31, due to the Covid-19 global pandemic and the uncertainties in global economic environment (albeit signs of improving trends are being observed), which will definitely impact the demand for freight transport, including container liner services,” PDZ said.
“However, economic activity is expected to gradually pick up in the upcoming quarters and the group is continuously looking to further expand into related logistic business to enhance the group's existing and future earnings,” it said.
Last week, the group announced multiple proposals, including diversifying into the glove manufacturing industry.