nova msc bhd (NOVM) Snapshot

Nova MSC Bhd has proposed amendments to the Articles of Association of the company to the forthcoming 11th Annual General Meeting.

Nova MSC Bhd announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2013. For the quarter, the company reported revenue of MYR 8,300,000 against MYR 8,872,000 a year ago. Loss before taxation was MYR 727,000 against profit before taxation of MYR 47,000 a year ago. Net loss for the period was MYR 727,000 against profit for the period of MYR 42,000 a year ago. Total comprehensive loss attributable to equity holders of company was MYR 872,000 against MYR 40,000 a year ago. Basic loss per ordinary share was 0.18 sen against EPS of 0.01 sen a year ago. For the year, the company reported revenue of MYR 30,683,000 against MYR 32,270,000 a year ago. Loss before taxation was MYR 4,618,000 against MYR 4,395,000 a year ago. Net loss for the period was MYR 4,618,000 against MYR 4,400,000 a year ago. Total comprehensive loss attributable to equity holders of company was MYR 4,078,000 against MYR 4,006,000 a year ago. Basic loss per ordinary share was 1.15 sen against 1.09 sen a year ago. Net cash used in operating activities was MYR 2,205,000 against cash from operating activities of MYR 6,121,000 a year ago. Purchase of property, plant and equipment was MYR 201,000 against MYR 388,000 a year ago.

Nova MSC Bhd reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported revenue of MYR 4,192,000 against MYR 8,959,000 a year ago. Net Loss for the period was MYR 4,389,000 or 1.09 sen per basic share against MYR 4,710,000 or 1.17 sen per basic share a year ago. The decrease in the revenue was mainly due to the following reasons: A reduction in revenue in this quarter of MYR 1.4 million which arose from an ongoing discussion with a customer for the partial acceptance of the contract and discontinuance of any obligations on either party. This revenue was mainly recognized in the previous year. The partial acceptance is subject to formalization by the customer and the Group. No further material impact is expected and generally lower revenue for other contracts in line with the milestones achieved. Loss before taxation was MYR 4.389 million compared to the MYR 4.710 million for the same quarter year ago. For the nine months, the company reported revenue of MYR 22,384,000 against MYR 23,398,000 a year ago. Net Loss for the period was MYR 3,888,000 or 0.97 sen per basic share against MYR 4,442,000 or 1.10 sen per basic share a year ago. Net cash used in operating activities was MYR 165,000 against net cash from operating activities of MYR 2,288,000 a year ago. Purchase of property, plant and equipment was MYR 182,000 against MYR 275,000 a year ago. Addition of software development expenditure, net of grant was MYR 1,551,000 against MYR 1,989,000 a year ago. Loss before taxation was MYR 3.888 million compared to the MYR 4.442 million for the previous year. For the third quarter, the company reported impairment on intangible assets of MYR 906,000 against MYR 4,764,000 a year ago.