Financial Performance - For the six months ended June 30, 2020, the total revenue was approximately MYR 33.9 million, an increase of about 6.5% compared to the same period in 2019[5] - The gross profit for the same period was approximately MYR 5.4 million, reflecting a growth of approximately 17.3% year-on-year[5] - The company recorded a net loss of approximately MYR 2.5 million for the six months ended June 30, 2020[5] - The basic and diluted loss per share for the six months was 0.32 sen, compared to 0.49 sen for the same period in 2019[6] - The company reported a comprehensive loss of approximately MYR 1.96 million for the six months ended June 30, 2020[9] - Loss before tax for the six months ended June 30, 2020, was 2,536 thousand MYR, a decrease of 36% compared to 3,959 thousand MYR for the same period in 2019[25] - The group recorded a loss of approximately 2.5 million MYR for the six months ended June 30, 2020, compared to a loss of 4.0 million MYR in 2019[47] Revenue Breakdown - Revenue from freight forwarding and related services for the six months ended June 30, 2020, was 33,914 thousand MYR, representing a 22.3% increase from 27,744 thousand MYR in 2019[14] - The revenue from the sale of second-hand mobile phones was zero for the six months ended June 30, 2020, compared to 4,095 thousand MYR in 2019[14] - Revenue for the three months ended June 30, 2020, was 17,998 thousand MYR, an increase of 8.7% compared to 14,714 thousand MYR for the same period in 2019[19] - Revenue for the six months ended June 30, 2020, was 33,914 thousand MYR, representing a 6.5% increase from 31,839 thousand MYR in the same period of 2019[19] - Air freight service revenue for the six months ended June 30, 2020, was approximately 8.8 million MYR, down from 9.6 million MYR in 2019[33] - Sea freight service revenue for the six months ended June 30, 2020, was approximately 13.5 million MYR, a decrease from 17.2 million MYR in 2019[35] - Revenue from non-air and non-sea freight services was approximately 11.5 million MYR for the six months ended June 30, 2020, compared to 0.6 million MYR in 2019, showing significant growth[36] Assets and Liabilities - Non-current assets decreased from MYR 25.9 million as of December 31, 2019, to MYR 23.7 million as of June 30, 2020[7] - Current assets increased slightly from MYR 37.1 million as of December 31, 2019, to MYR 37.5 million as of June 30, 2020[7] - Total liabilities increased from MYR 22.1 million as of December 31, 2019, to MYR 22.3 million as of June 30, 2020[8] - The company's total equity decreased from MYR 40.9 million as of December 31, 2019, to MYR 39.0 million as of June 30, 2020[8] - Total trade receivables as of June 30, 2020, amounted to 19,094 thousand MYR, an increase from 14,235 thousand MYR as of December 31, 2019[28] - Total trade and other payables as of June 30, 2020, were 5,751 thousand MYR, compared to 4,238 thousand MYR as of December 31, 2019[30] Cash Flow - For the six months ended June 30, 2020, the net cash used in operating activities was (5,510) thousand MYR, a significant decrease from 1,607 thousand MYR in the same period of 2019[10] - The total cash and cash equivalents at the end of the period decreased to 15,578 thousand MYR from 24,174 thousand MYR at the end of June 2019[10] - The cash flow from investing activities showed a net cash inflow of 197 thousand MYR, compared to a net cash outflow of (4) thousand MYR in the same period of 2019[10] - The company’s cash flow from financing activities resulted in a net cash outflow of (950) thousand MYR, an improvement from (1,991) thousand MYR in the previous year[10] Operational Efficiency - The company reported employee costs of 6,142 thousand MYR for the six months ended June 30, 2020, down from 7,653 thousand MYR in the same period of 2019[20] - The company incurred a depreciation expense of 1,431 thousand MYR for property, plant, and equipment for the six months ended June 30, 2020, compared to 1,092 thousand MYR in the same period of 2019[20] - Service costs increased by approximately 4.7% or 1.3 million MYR for the six months ended June 30, 2020, compared to the same period in 2019[43] - Administrative expenses were approximately 8.0 million MYR for the six months ended June 30, 2020, compared to 8.1 million MYR in 2019[45] Strategic Initiatives - The logistics business is expected to expand its revenue base and improve capital efficiency by attracting new clients, including a major multinational engineering and electronics company based in Germany[40] - The company plans to further expand its operations in Malaysia and China to cover cross-border freight, trucking, and rail freight services[40] - The company is actively seeking new business opportunities and has hired a new sales manager to expand its market presence in Malaysia[60] - The company has hired new IT personnel to manage the information technology department, indicating a focus on strengthening its tech capabilities[61] Corporate Governance - The company confirmed that there were no direct or indirect competitive interests held by controlling shareholders or their close associates in any business that competes or may compete with the company during the six months ended June 30, 2020[70] - All directors confirmed compliance with the trading standards and the company's code of conduct regarding securities trading during the six months ended June 30, 2020[71] - The company adhered to the corporate governance code, except for a deviation from provision A.2.1, and is in the process of hiring a suitable individual with in-depth knowledge of the business for daily management[72] - The audit committee, established on June 17, 2016, consists of all independent non-executive directors and is responsible for advising the board on the appointment of external auditors and reviewing financial statements[73] - The interim financial statements have not been audited by the company's auditors but have been reviewed by the audit committee[74]

Financial Performance - For the three months ended March 31, 2020, the total revenue was approximately MYR 15.9 million, a decrease of about 7.1% compared to MYR 17.1 million in the same period of 2019[4] - The gross profit for the same period was approximately MYR 2.3 million, down approximately 9.6% from MYR 2.6 million in 2019[4] - The company recorded a net loss of approximately MYR 1.2 million for the three months ended March 31, 2020, compared to a net loss of MYR 2.1 million in the same period of 2019[4] - The total comprehensive loss attributable to owners of the company for the period was MYR 705,000, compared to MYR 2.4 million in the same period of 2019[5] - The basic and diluted loss per share was 0.15 cents, compared to 0.26 cents in the previous year[5] - The group reported a pre-tax loss of RM 1,208,000 for the three months ended March 31, 2020, compared to a loss of RM 2,095,000 in the same period of 2019, showing a reduction in losses[21] Revenue Breakdown - For the three months ended March 31, 2020, external customer revenue from freight forwarding and related services was RM 15,916,000, an increase of 9.6% from RM 14,519,000 in the same period of 2019[12] - Revenue from the sale of second-hand mobile phones was RM 0, down from RM 2,606,000 in the same period of 2019, reflecting a complete cessation of this segment's operations[12] - Revenue from Malaysia was RM 11,797,000, down from RM 14,519,000, while revenue from China, including Hong Kong, increased to RM 4,119,000 from RM 2,606,000[14] - Air freight service revenue for the three months ended March 31, 2020, was approximately MYR 4.5 million, down from MYR 5.4 million in the same period of 2019, representing a decrease of about 16.7%[23] - Sea freight service revenue for the three months ended March 31, 2020, was approximately MYR 6.9 million, a decline of about 19.8% from MYR 8.6 million in the same period of 2019[25] - Total revenue from integrated logistics services for the three months ended March 31, 2020, was approximately MYR 15.9 million, a decrease of about 9.6% compared to MYR 14.5 million in the same period of 2019[30] Cost Management - Administrative expenses decreased to MYR 3.3 million from MYR 4.4 million in the previous year, reflecting a reduction of approximately 23%[5] - The group incurred employee costs of RM 3,316,000, down from RM 3,798,000 in the previous year, indicating cost management efforts[16] - The financing costs decreased to MYR 198,000 from MYR 267,000, a reduction of approximately 26%[5] Dividend and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the three months ended March 31, 2020[4] - The group did not declare an interim dividend for the three months ended March 31, 2020, consistent with the previous year[17] - As of March 31, 2020, the company has a total of 80,000,000 shares (10% of issued shares) available for issuance under the share option scheme[44] - Major shareholders include JL Investments Capital Limited and Liu Zhi Yuan, each holding 232,000,000 shares (29.00%)[40] - Cai Ming Xi holds 137,000,000 shares (17.13%) through World Oasis Limited[40] Corporate Governance - The company has adhered to the corporate governance code, with plans to appoint a suitable individual for daily business management[48] - The company established an audit committee on June 17, 2016, in accordance with GEM Listing Rule 5.28 and Appendix 15 of the GEM Listing Rules[49] - The audit committee consists of all independent non-executive directors: Mr. Wong Siu Keung, Ms. Wong Hoi Yan, and Mr. Ma Kin Hung, with Mr. Wong Siu Keung serving as the chairman[49] - The primary responsibilities of the audit committee include advising the board on the appointment and removal of external auditors, reviewing financial statements and information, providing opinions on financial reports, and monitoring the company's internal control procedures[49] - The first quarter financial statements have not been audited by the company's auditors but have been reviewed by the audit committee[50] Strategic Focus - The company continues to focus on providing comprehensive international freight services, transportation services, and warehousing services to global customers[7] - The company aims to expand its logistics services in Malaysia and China, targeting cross-border freight and rail freight services to enhance its revenue base[29] - A new client, a leading multinational engineering and electronics company based in Germany, is expected to bring recurring business and positively impact revenue[29] - The group closely monitors market conditions and adjusts strategies and operations as necessary to maintain its market position in the competitive logistics sector[22] Operational Metrics - The volume of air freight exports increased significantly to 1,457,000 kg in 2020 from 639,000 kg in 2019, representing a growth of approximately 128.5%[24] - The volume of sea freight exports decreased to 2,119 standard containers in 2020 from 2,555 in 2019, a decline of about 17.1%[25]

Revenue Performance - Air freight services generated approximately MYR 18.8 million in revenue, a decrease of about 42.3% compared to MYR 32.6 million in 2018[12]. - Sea freight services remained the largest revenue source, generating approximately MYR 34.4 million, unchanged from 2018[14]. - Revenue from non-air and non-sea freight services was approximately MYR 6.2 million, up from MYR 3.8 million in 2018[15]. - The total revenue from integrated logistics services for the fiscal year ended December 31, 2019, was approximately 60.2 million MYR, a decrease of about 16.1% or 11.6 million MYR compared to 71.8 million MYR in 2018[21]. - Revenue from air freight services accounted for approximately 29.2% of total revenue, while sea freight services contributed about 53.4% in the fiscal year 2019[21]. - The company recorded revenue of approximately 4.1 million MYR from the second-hand mobile phone trading business, representing about 6.4% of total revenue, an increase from 2.5 million MYR in 2018[17]. - The logistics services in Hong Kong generated approximately 4.0 million MYR in revenue, accounting for about 6.3% of total revenue, with no revenue recorded in 2018[18]. Operational Performance - The volume of air freight exports decreased from 5,933 tons in 2018 to 4,575 tons in 2019, while imports fell from 3,507 tons to 2,862 tons[13]. - Sea freight export volume increased from 7,214 twenty-foot equivalent units (TEUs) in 2018 to 9,744 TEUs in 2019, while imports decreased from 11,772 TEUs to 10,537 TEUs[14]. - Gross profit from integrated logistics services decreased to 11.4 million MYR, down approximately 5.8% from 12.1 million MYR in 2018, primarily due to a 42.3% decrease in revenue from air freight services[24]. - The gross margin for integrated logistics services improved from 16.9% in 2018 to 18.9% in 2019[24]. - The company reported an operating loss of approximately 4.5 million MYR for the fiscal year, compared to a loss of 3.9 million MYR in 2018[29]. Financial Position - The group's net current assets amounted to approximately RM 29.4 million, down from RM 35.1 million in 2018[31]. - Cash and bank balances were approximately RM 21.3 million, compared to RM 24.2 million in 2018[31]. - The group's debt-to-equity ratio increased to approximately 40.8% from 34.4% in 2018[31]. - The group has no significant investments or acquisitions during the fiscal year[33][34]. - The group has pledged assets with a net book value of RM 13.2 million as collateral for bank loans[36]. Strategic Initiatives - The company established logistics services and mobile trading businesses in Hong Kong during the fiscal year[9]. - The company aims to strengthen its market position in Hong Kong amidst a highly competitive logistics industry in Malaysia[10]. - The company plans to expand its logistics business in Hong Kong to attract more Chinese and international clients, aligning with its overall business strategy[20]. - The group has engaged a market research team to study railway freight services, aligning with the "Belt and Road" initiative[54]. - The group has allocated 15 million HKD for establishing logistics operations in Hong Kong, which was not initially planned in the IPO strategy[57]. Human Resources - The group has a total of 179 full-time employees as of December 31, 2019, down from 196 in 2018, with total employee compensation reaching 13.5 million MYR, a decrease from 13.9 million MYR in 2018[53]. - Employee compensation policies are regularly reviewed, with discretionary bonuses provided to senior management and key employees to enhance motivation[160]. Corporate Governance - The company has established a nomination policy and a dividend policy in response to the revised corporate governance code effective from January 1, 2019[71]. - The independent non-executive directors are members of the audit committee and the remuneration committee, ensuring oversight and accountability[62]. - The company has adopted a board diversity policy to ensure a mix of skills, experience, and perspectives among board members[87]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific affairs[89]. - The board is committed to maintaining ongoing dialogue with shareholders, particularly through annual general meetings and other communications[134]. Risk Management - The group has established risk management policies to address operational, market, liquidity, credit, and regulatory risks[41]. - The group relies heavily on information technology systems for operations, with potential risks associated with system failures[49]. - The group has implemented a disaster recovery plan covering critical applications and external server backups[50]. - The internal control system is designed to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses[127]. Audit and Compliance - The independent auditor's report indicates that reasonable assurance was obtained regarding the absence of material misstatements due to fraud or error in the consolidated financial statements[196]. - The audit committee assists the board in overseeing the financial reporting process[195]. - The independent auditor communicated significant audit findings and any material weaknesses in internal controls to the audit committee[199]. - The company acknowledges its responsibility to prepare financial statements that fairly reflect its affairs and performance for the fiscal year[117]. Shareholder Information - The company did not recommend the payment of a final dividend for the fiscal year[143]. - The five largest suppliers accounted for approximately 13.3% of the group's cost of sales, with the largest supplier accounting for about 3.6%[154]. - The five largest customers contributed approximately 19.0% of the group's total revenue, with the largest customer accounting for about 4.5%[155]. - As of December 31, 2019, the company's distributable reserves amounted to approximately 35.3 million MYR[150].

Financial Performance - For the nine months ended September 30, 2019, the total revenue was approximately MYR 46.8 million, a decrease of about 10.1% compared to the same period in 2018[6]. - The gross profit for the nine months ended September 30, 2019, was approximately MYR 7.6 million, down approximately 1.5% from the same period in 2018[6]. - The company recorded a net loss of approximately MYR 3.8 million for the nine months ended September 30, 2019[6]. - For the three months ended September 30, 2019, the revenue was MYR 14.96 million, compared to MYR 19.75 million in the same period of 2018, reflecting a decline[7]. - The gross profit for the three months ended September 30, 2019, was MYR 3.03 million, down from MYR 3.57 million in the same period of 2018[7]. - The company reported a loss of MYR 3.51 million for the nine months ended September 30, 2019, compared to a loss of MYR 3.37 million in the same period of 2018[7]. - The total comprehensive loss for the nine months ended September 30, 2019, was MYR 3.82 million, compared to a loss of MYR 3.67 million in the same period of 2018[9]. - The basic and diluted loss per share for the nine months ended September 30, 2019, was 0.5 sen, compared to a loss of 0.50 sen in the same period of 2018[7]. - For the nine months ended September 30, 2019, total revenue was 46,794 thousand MYR, a decrease of 10.5% compared to 52,045 thousand MYR for the same period in 2018[19]. - The company recorded a profit of 2,143 thousand MYR for the nine months ended September 30, 2019, compared to a loss of 1,368 thousand MYR in the same period of 2018[19]. - The company reported interest income of 268 thousand MYR for the nine months ended September 30, 2019, down from 646 thousand MYR in 2018, a decrease of 58.6%[19]. - The company experienced a financing cost of 701 thousand MYR for the nine months ended September 30, 2019, compared to 771 thousand MYR in 2018, reflecting a decrease of 9.1%[19]. - The company’s tax expense for the nine months ended September 30, 2019, was 289,000 MYR, down from 596,000 MYR in 2018[7]. - The company did not generate taxable profits in Hong Kong for the nine months ended September 30, 2019, and thus made no provision for Hong Kong profits tax[30]. Revenue Breakdown - The air freight and related services segment generated revenue of 14,141 thousand MYR for the nine months ended September 30, 2019, down from 25,053 thousand MYR in 2018, representing a decline of 43.6%[24]. - The sea freight and related services segment reported revenue of 26,099 thousand MYR for the nine months ended September 30, 2019, an increase of 5.5% compared to 24,740 thousand MYR in 2018[24]. - Revenue from air freight services accounted for approximately 30.2% of total revenue, while sea freight services contributed about 55.8% for the nine months ended September 30, 2019[45]. - Revenue from non-air and non-sea freight services was approximately 1.8 million MYR for the nine months ended September 30, 2019, compared to 1.5 million MYR in 2018[41]. - The shipping volume for sea freight services increased by approximately 3.6% to about 15,216 TEUs for the nine months ended September 30, 2019[48]. Dividend and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the nine months ended September 30, 2019[6]. - The company did not recommend an interim dividend for the nine months ended September 30, 2019, consistent with the previous year[27]. - The average number of ordinary shares in issue during the nine months ended September 30, 2019, remained unchanged at 800,000,000 shares[33]. - The company has adopted a share option scheme, allowing for the issuance of up to 80,000,000 shares, representing 10% of the issued shares, as of September 30, 2019[61]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the nine months ending September 30, 2019[62]. - The company confirmed that no interests in any competing businesses were held by major shareholders or their close associates during the same period[63]. Corporate Governance and Management - The company has established an audit committee composed of independent non-executive directors, responsible for reviewing financial statements and internal control procedures[68]. - The company has complied with the corporate governance code, except for a deviation noted in code provision A.2.1, during the nine months ending September 30, 2019[66]. - The audit committee's responsibilities include advising the board on the appointment and removal of external auditors[68]. - The company has confirmed adherence to trading standards and the code of conduct for directors during the reporting period[65]. - The company is actively seeking suitable candidates with relevant experience to fill the CEO position to manage daily operations[66]. Business Development - The company has not disclosed any new product developments, market expansions, or mergers and acquisitions in the report[11]. - The company has attracted a new client, a leading multinational engineering and electronics company based in Germany, which is expected to positively impact revenue[44]. - The company plans to expand its business in Malaysia, focusing on cross-border freight, trucking, and rail freight services[44]. - The company operates two reportable segments: freight forwarding and related services, and trading of second-hand mobile phones, each requiring different strategies[17].

Financial Performance - For the six months ended June 30, 2019, the total revenue was approximately MYR 31.8 million, a decrease of about 1.4% compared to the same period in 2018[7] - The gross profit for the same period was approximately MYR 4.6 million, an increase of about 10.1% year-on-year[7] - The company recorded a net loss of approximately MYR 4.0 million for the six months ended June 30, 2019[7] - The basic and diluted loss per share for the six months was 0.49 sen, unchanged from the same period in 2018[8] - The company reported a comprehensive loss of MYR 3.6 million for the six months ended June 30, 2019[14] - The group reported a loss before tax of RM 1,000 for the six months ended June 30, 2019, compared to a loss of RM 2,713,000 in the same period of 2018[25] - The company reported a loss attributable to owners of the company of 3,959 thousand MYR for the six months ended June 30, 2019, compared to a loss of 3,893 thousand MYR in 2018[38] - The group recorded a loss of approximately 4.0 million MYR for the six months ended June 30, 2019, compared to a loss of 3.9 million MYR in 2018[67] Revenue Breakdown - Revenue from freight forwarding and related services for the six months ended June 30, 2019, was RM 27,744,000, a decrease of 14% from RM 32,293,000 in 2018[23] - The trading of second-hand mobile phones generated revenue of RM 4,095,000 for the six months ended June 30, 2019, with no revenue reported in the same period of 2018[23] - Air freight and related services generated revenue of 9,563 thousand MYR for the six months ended June 30, 2019, down 38.3% from 15,549 thousand MYR in 2018[30] - Sea freight and related services revenue increased to 17,205 thousand MYR for the six months ended June 30, 2019, up 10.3% from 15,601 thousand MYR in 2018[30] - Revenue from air freight services for the six months ended June 30, 2019, was approximately 9.6 million MYR, down from 15.5 million MYR in 2018, indicating a significant decline[52] - Revenue from sea freight services for the same period was approximately 17.2 million MYR, an increase from 15.6 million MYR in 2018, showing growth in this segment[52] - The company recorded revenue of approximately 4.1 million MYR from the second-hand mobile phone trading business for the six months ended June 30, 2019, which was not present in 2018, indicating successful diversification[58] Assets and Liabilities - Non-current assets as of June 30, 2019, amounted to MYR 23.4 million, down from MYR 24.5 million as of December 31, 2018[10] - Current assets decreased to MYR 39.9 million from MYR 44.6 million as of December 31, 2018[10] - Total liabilities decreased to MYR 21.2 million as of June 30, 2019, compared to MYR 23.5 million as of December 31, 2018[12] - The company's total equity as of June 30, 2019, was MYR 42.0 million, down from MYR 45.6 million at the end of 2018[12] - The current assets net value was approximately 32.0 million MYR as of June 30, 2019, down from 35.1 million MYR as of December 31, 2018[68] - The group’s debt-to-equity ratio was approximately 33.9% as of June 30, 2019, compared to 34.6% as of December 31, 2018[77] Cash Flow - For the six months ended June 30, 2019, net cash generated from operating activities was RM 1,607,000, compared to a cash outflow of RM 1,104,000 in the same period of 2018[16] - Cash used in investing activities was RM 4,000, down from RM 1,421,000 in the previous year, with property, plant, and equipment purchases amounting to RM 156,000[16] - Cash flow from financing activities showed a net outflow of RM 1,991,000, significantly reduced from RM 7,947,000 in the prior year[16] - The net decrease in cash and cash equivalents for the period was RM 388,000, a substantial improvement compared to a decrease of RM 10,472,000 in the same period last year[16] - The group’s cash and cash equivalents at the end of the period stood at RM 24,174,000, down from RM 26,522,000 at the end of the previous year[16] Operational Insights - The company’s logistics services are categorized into air freight, sea freight, and cargo and warehousing services, with air freight contributing approximately 30.0% and sea freight 54.0% to total revenue for the six months ended June 30, 2019[61] - The company aims to strengthen its position as a comprehensive logistics solution provider in Malaysia, with plans to expand operations and service offerings in key gateways[60] - The company’s management emphasizes the need to adjust strategies and operations in response to market conditions, particularly in a highly competitive logistics industry[51] - The company has upgraded its warehouse systems to increase rental space and maximize benefits[82] - The company is actively seeking new business opportunities in Malaysia and internationally, including establishing a new office in Padang Besar, Malaysia[82] - A new sales manager has been appointed to further expand the market within Peninsular Malaysia[82] Shareholder and Governance Information - Major shareholders include JL Investments Capital Limited with a 29.00% stake and World Oasis Limited with a 17.13% stake[92] - The company has adopted a stock option plan approved by shareholders on June 17, 2016, allowing for the issuance of up to 80,000,000 shares, representing 10% of the issued shares[95] - No stock options have been granted, exercised, or canceled since the stock option plan became effective[95] - The board of directors confirmed that there are no competitive interests held by major shareholders or their close associates in any business that directly or indirectly competes with the company during the same period[98] - The company has established a code of conduct for directors' securities transactions, and all directors confirmed compliance during the six months ended June 30, 2019[99] - The company has adhered to the corporate governance code, with the board recognizing the importance of good corporate governance for effective accountability[100] - The audit committee, formed in accordance with GEM listing rules, consists of independent non-executive directors and is responsible for reviewing financial statements and internal control procedures[102] - The interim financial statements have not been audited but have been reviewed by the audit committee[103]

Financial Performance - For the three months ended March 31, 2019, the total revenue of the group was approximately MYR 17.1 million, an increase of about 1.6% compared to the same period in 2018[5] - The gross profit for the same period was approximately MYR 2.6 million, representing an increase of approximately 32.0% year-on-year[5] - The group recorded a net loss of approximately MYR 2.1 million for the three months ended March 31, 2019[5] - The basic and diluted loss per share for the period was 0.26 cents, compared to 0.25 cents for the same period in 2018[6] - The group’s total comprehensive loss for the period amounted to approximately MYR 2.4 million, compared to a total comprehensive loss of MYR 2.9 million in the previous year[6] - The company reported a total adjusted loss before tax of (1,963) thousand MYR for the three months ended March 31, 2019, compared to (1,728) thousand MYR in the same period of 2018[20] - The company reported a basic and diluted loss attributable to owners of the company of 2,095,000 MYR for the three months ended March 31, 2019, compared to a loss of 2,000,000 MYR for the same period in 2018[35] - The group recorded a loss of approximately RM 2.1 million for the three months ended March 31, 2019, compared to RM 2.0 million in 2018[56] Revenue Breakdown - Revenue from freight forwarding and related services was 14,519 thousand MYR, down from 16,859 thousand MYR in the previous year, a decrease of 13.93%[19] - Total revenue from integrated logistics services for the three months ended March 31, 2019, was approximately 14.5 million MYR, a decrease of about 13.9% or 2.3 million MYR compared to 16.9 million MYR in the same period of 2018[49] - Revenue from air freight services for the three months ended March 31, 2019, was approximately 5.4 million MYR, down from 8.9 million MYR in the same period of 2018[38] - Revenue from sea freight services for the three months ended March 31, 2019, was approximately 8.6 million MYR, an increase from 7.3 million MYR in the same period of 2018[41] - Revenue from the sale of second-hand mobile phones was 2,606 thousand MYR, which was not reported in the previous year, indicating a new revenue stream[27] Expenses and Costs - Administrative expenses increased to MYR 4.4 million from MYR 3.6 million in the previous year, reflecting a rise of approximately 19.6%[6] - The company’s employee costs, including directors' remuneration, amounted to 3,798 thousand MYR, an increase from 3,658 thousand MYR in the prior year[28] - Sales cost decreased by approximately 19.0% from RM 14.9 million for the three months ended March 31, 2018, to RM 12.1 million for the three months ended March 31, 2019[50] - Financing costs were approximately RM 267,000 and RM 275,000 for the three months ended March 31, 2019, and 2018, respectively[55] Dividends - The board of directors did not recommend the payment of an interim dividend for the three months ended March 31, 2019[5] - The company did not recommend the payment of an interim dividend for the three months ended March 31, 2019, consistent with the previous year[30] - No interim dividend was recommended for the three months ended March 31, 2019[57] Corporate Governance - The company adheres to good corporate governance principles based on the GEM Listing Rules and has complied with the corporate governance code provisions during the three months ending March 31, 2019[71] - The audit committee, consisting of independent non-executive directors, was established to review financial statements and monitor internal control procedures[73] - The first quarter financial statements were reviewed by the audit committee but not audited by the company's external auditor[74] Business Operations - The company continues to engage in providing comprehensive international freight services, transportation services, and warehousing services to global customers[10] - The company operates two reportable segments, with distinct strategies and performance metrics for each segment, allowing for targeted resource allocation[17] - The company aims to strengthen its position as a comprehensive logistics solution provider in Malaysia, with plans to expand its services to include cross-border freight and rail freight[47] - The company has attracted a new client, a leading multinational engineering and electronics company based in Germany, which is expected to generate recurring business and positively impact revenue[47] - The company’s warehousing services accounted for less than 1% of total revenue for the three months ended March 31, 2019, down from 2% in the same period of 2018[44] Shareholder Information - Major shareholders include JL Investments Capital Limited with a 29.00% stake and Liu Zhi Yuan with a 29.00% stake as well[62] - The company has a stock option plan effective for ten years, allowing the issuance of 80,000,000 shares, representing 10% of the issued shares as of March 31, 2019[67] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the three months ending March 31, 2019[68] - The controlling shareholders and their close associates do not hold any interests in businesses that directly or indirectly compete with the company's operations as of March 31, 2019[69] - All directors confirmed compliance with the trading standards and the company's code of conduct regarding securities transactions during the three months ending March 31, 2019[70]

Revenue and Financial Performance - Air freight services generated approximately MYR 32.6 million in revenue, a decrease of about 41.2% compared to MYR 55.5 million in 2017[13]. - Sea freight services remained the largest revenue source with approximately MYR 34.4 million, down about 4.5% from MYR 36.0 million in 2017[15]. - Revenue from non-air and non-sea freight services was approximately MYR 3.8 million, down from MYR 4.2 million in 2017[17]. - The total revenue from integrated logistics services for the fiscal year ended December 31, 2018, was approximately 71.8 million MYR, a decrease of about 25.6% or 24.6 million MYR compared to 96.4 million MYR in the previous year[22]. - Revenue from air freight services accounted for approximately 43.9% of total revenue, while sea freight services contributed about 46.3% in the fiscal year 2018[22]. - The company recorded a loss of approximately 3.9 million MYR for the fiscal year, compared to a loss of 2.2 million MYR in the previous year, resulting in a loss per share of 0.4873 MYR[31]. - The gross profit decreased from 15.1 million MYR in the previous year to 12.2 million MYR, a decline of about 18.8%, primarily due to a 41.2% decrease in revenue from air freight services[25]. Operational Developments - The company is focused on enhancing its market position despite intense competition in the logistics sector[10]. - New business initiatives include engaging in the second-hand mobile phone trade in Hong Kong[9]. - The company plans to closely monitor market conditions and adjust strategies and operations as necessary[10]. - The logistics services provided include air and sea freight forwarding, warehousing, and supply chain management[10]. - The company plans to expand its operations in Malaysia and cover cross-border freight, towing, and rail freight services to enhance its logistics solutions[20]. - The company has hired new sales personnel to promote and expand its market presence in northern, southern, and central regions of Malaysia[55]. - The company is actively seeking suitable acquisition targets in Singapore to strategically grow its business[57]. Employee and Management Information - The total employee compensation, including director remuneration, reached 13.9 million MYR for the fiscal year, unchanged from 2017[53]. - The group employed a total of 195 full-time employees as of December 31, 2018, an increase from 176 in 2017[53]. - The management team includes experienced professionals with backgrounds in finance, marketing, and operations, contributing to the company's strategic direction[67]. - The management team is committed to professional development, with various training courses completed in logistics, safety, and financial management[75]. Corporate Governance - The company has established a strong governance structure with independent non-executive directors overseeing key committees, ensuring compliance and accountability[69]. - The board consists of seven members, including three independent non-executive directors, ensuring more than one-third of the board is independent[89]. - The company has adopted a set of trading rules for directors regarding securities transactions, confirming compliance throughout the fiscal year[82]. - The board is responsible for overseeing the group's business affairs and overall performance, setting the group's mission and standards[83]. - The company emphasizes the importance of good corporate governance to enhance shareholder value and accountability[81]. - The company has established a nomination policy and a dividend policy in response to the revised corporate governance code effective from January 1, 2019[81]. Risk Management and Compliance - The group faces various risks, including operational, market, liquidity, credit, and regulatory risks, and has implemented risk management policies[42]. - The company has established compliance and risk management policies to ensure adherence to legal and regulatory requirements[178]. - The board reviews the risk management and internal control systems at least annually, focusing on significant risks associated with the group's business strategy[135]. - The internal control system aims to manage risks rather than eliminate them, providing reasonable assurance against material misstatements or losses[140]. Shareholder Information - As of December 31, 2018, the controlling shareholder held 232,000,000 shares, representing 29.0% of the company's issued shares[37]. - The company has a total of approximately 40.4 million MYR available for distribution to shareholders as of December 31, 2018[167]. - The company did not recommend any final dividends for the fiscal year, consistent with the previous year[34]. - The company has confirmed compliance with non-competition agreements by major shareholders during the fiscal year[198]. Environmental and Social Responsibility - The group made charitable contributions totaling approximately 68,000 MYR during the fiscal year[168]. - The company has adopted policies to prevent pollution and protect natural resources while complying with environmental regulations[175].