KUALA LUMPUR (Nov 17): Malaysian Genomics Resource Centre Bhd announced losses of RM617,754 from the buy-back and disposal of company shares, as well as trading of shares in listed companies SNS Network Technology Bhd and Reneuco Bhd in the seven months from Sept 2022 till March 2023.

In three separate belated announcements on Friday, MGRC said it acquired 53.17 million of its shares from Sept 5, 2022 till March 20, 2023 in the open market for a gross cash consideration of RM39.873 million — or an average of 75 sen per share.

Within that same period, it disposed of the shares for RM39.303 million or average of 73.92 sen per share. This resulted in a gross loss of RM570,299, it said.

In the period, MGRC shares peaked at 79.5 sen on Dec 19, 2022, and hit their lowest of 55 sen on March 17 this year. The counter averaged 71.8 sen in the period.

In that same period, MGRC bought 90.29 million SNS shares for RM22.17 million, and disposed of them for RM22.128 million for a loss of RM42,219.

MGRC also bought 7.71 million Reneuco shares for RM1.961 million, and sold them for RM1.956 million, resulting in a gross loss of RM5,236.

The transactions took into consideration the prevailing market price of the companies, it said.

As at end-June this year, MGRC’s net cash balance had shrunk to RM1.69 milliob from RM20.52 million the year before. It has no borrowings, and accumulated losses of RM29.82 million.

It booked record losses of RM11.03 million in the quarter ended June 30, 2023 (4QFY2023) from net profit of RM4 million, led by massive impairment of receivables of RM7.54 million. Quarterly revenue fell 64.7% to RM2.23 million, from RM6.33 million.

For the full-year ended June 30 (FY2023), the massive impairment doubled its net loss to RM14.28 million from a net profit of RM7.21 million last year, whereas revenue fell 70.51% to RM8.36 million, from RM28.36 million. Last month, it changed its financial year end from June to December.

MGRC shares rose half a sen or 1.08% to 47 sen, giving it a market capitalisation of RM64.49 million.