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].