Metronic Global Berhad, through its subsidiary Metronic engineering Sdn Bhd, has been a pioneer in the engineering services industry since 1984, specializing in a range of services including design, installation, testing, and maintenance of integrated building management systems, energy management systems, security systems, and more. Additionally, we are expanding into smart solutions and Internet of Things through our subsidiary, Metronic Smart Tech Sdn Bhd.
We have also ventured into various sectors such as property development, medical products, solar power, and e-commerce, aligning with our strategic expansion plan and future growth opportunities. Despite facing challenges such as a competitive market and supply chain disruptions, we remain optimistic about the engineering business segment's growth due to anticipated high-profile construction projects.
The Group recorded revenue of RM36.1 million for the financial year ended 30 June 2023, representing a slight decrease of RM3.5 million compared to the previous financial year. The decrease is primarily contributed to the lower revenue recorded for MRT2 and KL118 Tower projects that were in the final stage of completion during the current year. However, this was partially offset by the increase in revenue from KL118 Hotel project. MRT2, KL118 Tower, and KL118 Hotel project accounted for 21%, 8%, and 35% respectively of the total revenue for the year.
For the period of twelve months, the Group reported a Loss Before Tax (“LBT”) of RM10.2 million as compared to a LBT of RM4.8 million reported last year. In addition to the lower revenue and gross profit, the Group's performance during the financial year was affected by an impairment of intangible assets.
As of 30 June 2023, the total equity attributable to shareholders at the Group level stood at approximately RM180.5 million, contributing to net assets per share of 11.78 sen.
The Group is aware of the upcoming challenges in the engineering sector, including stiff competition, disruptions in the supply chain, rising prices, and economic uncertainties. Nevertheless, the Group holds an optimistic view of the engineering business segment's potential for growth, driven by the anticipated start of prominent construction projects.
Up to this point, the Group has pursued potential contracts totaling RM219 million and identified several potential projects in the pipeline. Considering the proactive steps taken to mitigate risks, alongside our combined expertise, financial resources, and technical capabilities, we are confident in securing additional contracts, thereby regaining our market share and leadership position in the engineering services and building management system technology solutions provider industry.
Furthermore, the Group is convinced that venturing into the solar business, given its promising outlook due to heightened environmental awareness and available incentives, will positively impact our financial performance once the construction of systems is completed. We are committed to reinforcing our team and refining our business strategies to fortify our order book and advance our solar and e-commerce ventures. The Group will persist in implementing various measures to streamline operations and manage costs effectively to enhance our overall financial performance.
As a Group, our enduring commitment is to uphold our long-term business strategies, aimed at fostering profitable growth, strengthening earnings resilience, and augmenting shareholder value.
We are filled with optimism regarding our ability to attain these objectives, and this optimism is greatly indebted to the dedication and hard work of those who surround us. I would like to take this opportunity to extend my warmest gratitude to our shareholders, customers, suppliers, and business associates for their unrelenting support and confidence in the Group.
Additionally, I want to extend my sincere appreciation to our management and staff for their consistent commitment, diligence, and perseverance throughout the past year. Their efforts have been pivotal to our successes.
Last but not least, I’d like to convey my admiration and gratitude to my fellow members of the Board. Their contributions and sage counsel have been invaluable in our pursuit of shared goals. A special note of appreciation is extended to Dato’ Kua Khai Shyuan for his contribution and knowledge, who have left us to pursue other personnel commitment.
On behalf of the Board, I would also like to offer a warm welcome to our new director, Mr Koh Wai Chee. We eagerly anticipate the fresh perspectives and insights he will bring to our team.