GGRAsia – RGB loss slims sequentially for 4Q, annual loss US$7mln

RGB loss slims sequentially for 4Q, annual loss US$7mln

Mar 01, 2021 Newsdesk Industry Talk, Latest News, Rest of Asia

Casino electronic games and services supplier RGB International Bhd again narrowed its quarterly loss sequentially, this time for the three months to December 31.

The latest such quarterly loss was MYR6.4 million (US$1.6 million) compared to a third-quarter loss of MYR11.9 million.

The fourth-quarter result put the loss for full-year 2020 at around MYR28.7 million, i.e., about US$7.1 million, versus a full-year 2019 profit of nearly MYR39.8 million.

No dividend was recommended for the financial year ended December 31, 2020.

In commentary on the latest results, management of Bursa Malaysia-listed RGB said the “tourism, leisure and hospitality and gaming industries” had been “among the hardest hit” by the “unprecedented crisis” of the Covid-19 pandemic.

Fourth-quarter revenue was down 60.5 percent year-on-year, to just under MYR52.2 million, versus MYR132.1 million a year earlier.

Revenue for the year was down 47.6 percent from 2019, at MYR184.0 million, compared to MYR351.1 million.

The firm said it “continues to implement various cost control measures across the regions to contain its expenditures,” and was pursuing a way to “increase the revenue during this unprecedented period”.

Group earnings before interest, taxation, depreciation and amortisation (EBITDA) declined by 74.5 percent year-on-year in the fourth quarter, to just under MYR7.6 million, versus MYR29.7 million in the prior-year quarter.

Annual group EBITDA was nearly MYR28.1 million, down 66.3 percent on the MYR83.4 million achieved in 2019.