KUALA LUMPUR (Feb 27): Hextar Technologies Solutions Bhd (HexTech) has recorded its third consecutive quarterly loss with a net loss of RM4.52 million for its third financial quarter ended Dec 31, 2023 (3QFY2024), against a net profit of RM370,000 a year earlier, as the group continues to develop its existing business and seek viable opportunities for expansion.

HexTech attributed the quarterly loss to the loss of rental income subsequent to the expiry of a tenancy agreement as well as marketing and operating expenses incurred for its newly launched fintech app MoneyX in October 2023.

Quarterly revenue dropped 11.2% to RM39.01 million from RM43.94 million in 3QFY2023, as revenue contribution from its trading segment declined, HexTech said in a bourse filing on Tuesday.

For the record, HexTech incurred a net loss of RM1.20 million in 2QFY2024 and a net loss of RM750,000 in 1QFY2024.

For the first nine months of FY2024, HexTech posted a net loss of RM6.48 million compared with a net profit of RM4.98 million in the prior year, despite revenue growing 32.3% to RM140.5 million from RM106.15 million.

On its prospects, HexTech seems to be focusing on MoneyX as it further plans to execute a series of programmes through conventional and digital channels to boost user acquisition and brand hype in a cost-effective manner.

Additionally, HexTech said progressive partnership engagement with various key industry players remains an ongoing priority for the group to build stickiness and broaden both financial and non-financial products and services suite in MoneyX.
 
"Following the debut of and commencement of marketing and promotional activities for our new financial super app, MoneyX, downloads and registered users have been recording [a] reasonably encouraging upward trend.

"We believe that a robust and engaged [user base] coupled with [a] high level of app-stickiness are the critical success factors for our MoneyX," the group added.

HexTech shares closed down three sen or 2.21% at RM1.33, with a market capitalisation of RM2.74 billion.  

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