KUALA LUMPUR: Central Global Bhd (CGB), which posted a net loss of RM1.02mil in the first quarter ended March 31, remained upbeat on its outlook.

“We continue to be upbeat about the group’s outlook despite the challenges posed by the rise in Covid-19 infections and its impact on business sentiment.

“The plans that we shared publicly are being implemented and we are confident that these plans will benefit the group,” CGB executive chairman Datuk Faisal Zelman said in a statement.

CGB’s revenue for the quarter grew 25.42% to RM37.56mil in the first quarter compared with RM29.95mil recorded a year ago.

On a segmental basis, CGB said its manufacturing arm recorded a 48.3% increase in revenue to RM17.36mil compared to the RM11.7mil recorded in the same quarter of the previous year.

Its construction arm registered a 10.7% increase in revenue to RM20.2mil against RM18.24mil recorded last year.

“We continue to be upbeat about the group’s outlook despite the challenges posed by the rise in Covid-19 infections and its impact on business sentiment.

“The plans that we shared publicly are being implemented and we are confident that these plans will benefit the group,” CGB executive chairman Datuk Faisal Zelman said.

Faisal said the approval by Bursa Malaysia Securities of CGB’s proposed private placement of 18 million new shares in late April would help its plans along.

He said the group intended to upgrade our manufacturing arm’s capacity as well as fund an existing construction project in Penang.

“We have also clinched an RM101mil construction project in Lahad Datu, Sabah that will substantially boost the construction arm’s contribution to financial performance in the coming quarters.

“The manufacturing arm continues to take advantage of the change in market structure arising from a more fragmented competition landscape while the continued supply-chain disruption arising from pandemic lockdowns has given us the opportunity to penetrate the domestic market further,” Faisal said.