Malaysian-based gaming equipment supplier RGB International Bhd fell to a loss of MYR2.67 million (US$595,000) in the three months to 30 June 2022, driven by lower revenues in its key Sales and Marketing (SSM) division.
Releasing its financial results for both 2Q22 and the first half of the financial year on Monday, RGB reported a 9% year-on-year decline in revenue for the June quarter to MYR50.3 million (US$11.2 million), with EBITDA down 25% to MYR10.7 million (US$2.4 million).
In the SSM division, revenue was down 26% to MYR28.2 million (US$6.3 million) year-on-year, mainly due to decrease in number of products sold and variation in product mix, the company said. However, the segment remained profitable with profit of MYR3.1 million (US$690,000).
The revenue for Technical Support and Management (TSM) division increased by 26% to MYR21.5 million (US$4.8 million) due to better revenue from the Philippines and resumption of some TSM outlets in Cambodia after the reopening of borders. Segment loss narrowed by 88% to MYR1.1 million (US$245,000).
For the first six months of 2022, RGB saw its loss widen to MYR5.96 million (US$1.3 million) on the back of an 8% decline in revenue to MYR82.4 million (US$18.4 million). However, the company said it remains positive in its prospects for better times ahead as the region emerges from the impacts of the COVID-19 pandemic.
“The tourism and hospitality industries are expected to continue recovering, aided by the gradual easing of cross-border travel restrictions especially in ASEAN countries,” it said.
“Barring unforeseen circumstances, the Group foresees a relatively stronger recovery in the gaming market than the previous year and therefore a better performance for year 2022.”
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