PETALING JAYA: Solution Group Bhd
expects the product development of several vaccines in the pipeline as well as its diversification into a new segment to support its earnings in the near term.
For the fourth quarter ended Dec 31, 2022 (4Q22), the engineering and biopharmaceutical company’s revenue plunged by 94% year-on-year on the back of lower sales in the biopharma division.
In 4Q22, Solution Group recorded a net loss of RM31.85mil, or a loss per share of 7.63 sen, compared to a profit of RM30.13mil in 4Q21.
This was primarily due to the RM30.19mil impairment of Covid-19 vaccine slow moving stocks.The group also attributed high operating expenses to its performance.
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