RGB International has shared its financial results for the fourth quarter of the year, reporting a net loss of MYR166,000 (US$39,500).
Malaysia.- RGB International has reported a decline in revenue for the fourth quarter of the year 2021 to RM56.6m (US$13.5m), down 4 per cent year-on-year. Revenue was also down when compared to the previous quarter from MYR70.1m in Q3.
However, the company loss narrowed to RM166,000 (US$39,500), down from a loss of RM6.7m registered the previous year. RGB said revenue from the company’s sales and marketing segment rose 3 per cent in the fourth quarter, driven by an increase in the number of products sold and a change in product mix.
However, technical support and management revenue was down 19 per cent, mainly due to a resurgence of Covid-19 cases. Despite this, the company noted that its technical support and management division was operating more efficiently, reducing its pre-tax loss by 57 per cent in the fourth quarter.
Looking ahead, RGB expects that global economic conditions will continue to recover as mass vaccination programs roll out and borders reopen.
The company stated: “Barring unforeseen circumstances, the Group foresees a relatively stronger recovery in the gaming market than the previous year and therefore a better performance for the year 2022.”
As regards full-year revenue, it was up 13 per cent to RM216.3m. RGB International’s net loss for the year 2021 narrowed to RM7.0m, down from RM29.1m in the prior year.
Malaysia may reopen borders without mandatory quarantine in March
Malaysia’s National Recovery Council (NRC) has proposed that the country’s borders could be fully reopened to international travellers without mandatory quarantine from March 1.
Muhyiddin Yassin, former Prime Minister, said: “It was recommended by the NRC that the country’s borders be fully opened in the due time to support the nation’s recovery.”
He added that under the scheme, travellers will still need to undergo Covid-19 negative tests before and after arrival.