The Group recorded a loss before tax mainly resulted from the loss
recognised from deconsolidation of non-operating subsidiaries of RM28.0 million due to reclassification of foreign currency translation reserves.

In addition, due to the significant devaluation of RM during the year, Group also recorded a foreign exchange loss of RM14.8 million.

Firstly, PIBG 4QFY23 accounts/financial statements were split into 2: 1 Continuing operations; 2 Discontinued operations
PIBG disposed businesses in Germany, America and completed this disposal in 14th December last year. This financial result is as at 31st December '23 and this includes deconsolidation costs from disposed businesses or discontinued operations EXCLUDING revenue from Discontinued operations e.g. Germany

PIBG is moving away from EU & America EXCEPT Rest of EU e.g. Greece which is a good thing & moves towards SEA, China & Taiwan. PIBG also have 2 companies which are dormant incorporated in India & Indonesia.

Business in Rest of EU including Eastern EU, Greece, SEA, China & Taiwan is increasing from MYR5.5mil in previous quarter to MYR7.9mil. Greece recorded MYR6.2mil loss while SEA+China+Taiwan made money MYR1.866mil.
PIBG achieved MYR21.7mil compared to MYR20.5mil y-o-y. Loss before tax resulted from; i deconsolidation of non-operating subsidiaries when the group change their foreign trade/reserves currencies to MYR

It is important to note that Loss shown in Announcement including from Discontinued operations or Disposed businesses/entities

PIBG has until 13 December 2024 to submit their regularisation plan EXCLUDING extension.

PIBG's Prospect; PIBG will continue building and growing its remaining business in Asia. PIBG will focus its business as distributor of stationery in China/Taiwan, SEA & Greece. PIBG is aiming to to tap schools and businesses in China + Taiwan. De-dollarisation is now on going. Expect stable foreign currency exchange in future.

Pelikan won't be delisted after Mr Loo sold one of his business entity based in Germany which market their product to South America. We estimate we will see Pelikan loose 30-40% from their usual revenue. There are other companies that have 0 revenue for several quarters still listed in Bursa e.g AncomNylex.

What troubling the market is Mr Loo sold its South America business not at minority/our shareholders interest. He did it to accumulate wealth and spend it elsewhere e.g SWIFT where his son owns Persada Sdn Bhd hold majority stake instead of reinvest his earning from recent dividend to grow further. There is evidence to show Mr Loo pumped Pelikan share price as high as 95sen by accumulating Pelikan share the previous year.

There are many ways how share owners want to get quick money from their stocks e.g AirAsia gave dividend MYR3 per share several years ago, then there was EWINT gave dividend and TheEdge found out that the owner of EWINT also have 3 other companies among their biggest stakeholders

Mr Loo Hooi Keat now has 4.83% stake or 42,500,000 shares in SWIFT while his son, Loo Yong Hui still has 35.155% stake or 309,621,102 shares in Persada Bina which in turn owns SWIFT.

I think this is the reason why -> "Swift Haulage launches eco-friendly facilities at Westport, signs deal with Sharp Electronics Malaysia" by Justin Lim / theedgemalaysia.com February 20, 2024 | Updated 17 hours ago

This week is Pelikan earning week.