,Green Packet’s group managing director Puan Chan Cheong (pic) said: “Underlying our financial performance are the foundations we are laying to realise our Green Packet 5.0 strategic goals.”
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PETALING JAYA: Despite the challenging business environment due to the Covid-19 pandemic, Green Packet Bhd’s operational pillars continue to record positive outcomes.
The technology company said smart devices business registered an increase in revenue to RM17.22mil in the second quarter ended June 30, 2021 (Q2’2021), compared with RM7.53mil in Q1’2021.
“This positive growth highlighted the business’ resilience despite the global shortage in computer chipsets due to the pandemic,” it said in a statement.
The group noted Green Packet Global, previously NGT Networks, that oversees the group’s pioneering communications business, recorded positive profit after tax (PAT) for the third straight quarter, increasing by 140% to RM240,000 in Q2’2021 from RM100,000 in Q1’2021.Overall, Green Packet posted revenue of RM124.85mil for Q2’2021, about RM17.86mil lower than what was registered for Q1’2021.The group reported a loss after tax of RM41.1mil in Q2’2021, as compared to a profit after tax of RM18.84mil in Q1’2021.
It said the losses were largely attributable to the lower mark-to-market valuation of G3 Global Bhd’s warrants and continuation of investment commitments into new, high-margin ventures as part of the Group’s 5.0 long-term strategic expansion to diversify its revenue streams.
Green Packet’s group managing director Puan Chan Cheong said: “Underlying our financial performance are the foundations we are laying to realise our Green Packet 5.0 strategic goals.”
“Despite the reduction in revenue, compounded by the impact of Covid-19 to the business, this initial stage of re-alignment is critical. Using this preliminary period to strengthen our capabilities will enable us to tap into more digital opportunities across local and global markets, grow our partnerships and innovate new solutions over the longer term,” he said.