MARKET DEVELOPMENT
Asiabio To Concentrate On Exports To Drive Earnings
Asiabio To Concentrate On Exports To Drive Earnings
08/06/2015 (Bernama) - Asia Bioenergy Technologies Bhd, an investment holdings company, will concentrate on exports to drive company earnings this year.
The company, which focuses on technology incubator activities, particularly in the bioenergy sector, planned to export green lumber products produced by its subsidiary, Hexa Bonanza Sdn Bhd, to North Asia countries.
Executive Director Tan See Eek said its export-based products, produced from recycled palm oil tree trunks, was expected to improve company profitability.
"This is among our strategy to increase revenue in our current financial year by taking the opportunity of the stronger dollar and weakening ringgit to undertake export activities," he told reporters after the company's extraordinary general meeting here today.
AsiaBio registered a bigger loss of RM1.28 million in the first nine months of its financial year ended Jan 31, 2014 against a loss of RM710,000 recorded in the previous financial year.
He said the company's revenue fluctuations was related to its equity investment business and investment policies were tied to long-term returns to shareholders.
"We do have many other business plan in the pipeline such as the agreement with certain companies to expand businesses," he said without revealing details.
The company, which focuses on technology incubator activities, particularly in the bioenergy sector, planned to export green lumber products produced by its subsidiary, Hexa Bonanza Sdn Bhd, to North Asia countries.
Executive Director Tan See Eek said its export-based products, produced from recycled palm oil tree trunks, was expected to improve company profitability.
"This is among our strategy to increase revenue in our current financial year by taking the opportunity of the stronger dollar and weakening ringgit to undertake export activities," he told reporters after the company's extraordinary general meeting here today.
AsiaBio registered a bigger loss of RM1.28 million in the first nine months of its financial year ended Jan 31, 2014 against a loss of RM710,000 recorded in the previous financial year.
He said the company's revenue fluctuations was related to its equity investment business and investment policies were tied to long-term returns to shareholders.
"We do have many other business plan in the pipeline such as the agreement with certain companies to expand businesses," he said without revealing details.