IE sees better performance in 6 months

Intelligence Edge Technologies Bhd (IET), is confident of seeing an improvement in its financial position once it undertakes a restructuring exercise.

IET's Chief Executive Officer, Anil Chet Karamsingh said the company, currently under the GN 3(Guidance Note 3) status in Bursa Malaysia, is in the process of looking for a sponsor as part of its restructuring exercise.

Talking to Bernama here today, after the company's annual general meeting, Anil said the company was also looking at a new line of business that would uplift the company from its GN 3 status.

The company, a player in the telecommunication industry, through its subsidiaries, namely Intelligent Edge Marketing Sdn Bhd, IE Ventures Sdn Bhd, Intelligent Edge Systems Sdn Bhd and Advance Convergent Sdn Bhd, provides consultancy services, design and development of business application software solutions, and telecommunications products.
For the financial year ended Dec 31, 2009, the company recorded a revenue of RM570,688 with a net loss of RM5.12 million. In its annual report, its Executive Chairman, Datuk Hj Nabil B.Abd Kadir cited the challenging operating environment including competition and declining revenues from its Voice services business as factors for the performance.

Anil said changes in the regulatory environment had contributed towards the decline from its Voice services business.

Moving forward, he said the company was "looking at primarily broadband distribution services or related to broadband distribution services," but added that it was still premature to comment on the new business.

Anil said while the company's market share was significantly impacted by the GN 3 status, it was confident of a recovery and expected to announce positive news in the next three to six months. -- Bernama