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FLEXI reported a loss before tax (LBT) of RM0.30 million, compared to a profit before tax (PBT) of RM1.21 million in Q4 FY2023. This was due to lower gross margins on selected projects, a RM0.39 million provision for expected credit losses on trade receivables, and a one-time loss of RM0.42 million from subsidiary asset acquisitions.
Flexidynamic is expanding its service segment by offering gamma radiation while the project is currently in the planning stage, and an official announcement will be made to Bursa Malaysia Securities once updates are finalized
Flexi's revenue for the current quarter was RM20.95 million, an increase of RM12.30 million or 142.10% from RM8.66 million in the same period last year, mainly due to the upgrade of existing production systems by existing customers, as well as revenue from mechanical and electrical works supply and installation subcontracts. However, the company recorded losses due to lower gross profit on certain items, provision for expected credit losses on accounts receivable of RM390,000, and loss on acquired subsidiary assets of RM420,000 incurred during the current quarter
Flexidynamic will expand its market presence through its subsidiary Gammatech Sdn. Bhd. by offering gamma radiation sterilization services to cater to industries such as pharmaceuticals, food processing and packaging
