PRG Holdings Berhad Annual Report 2019

Dato’ Lua Choon Hann Group Executive Vice Chairman ANNUAL REPORT 2019 15 MANAGEMENT DISCUSSION AND ANALYSIS cont’d FINANCIAL REVIEW The Group recorded a revenue and loss after tax for continued operations of RM132.05 million and RM68.94 million respectively in FY2019. The increase in revenue compared to the preceding year was mainly due to additional revenue contributed by the newly acquired Meinaide Group in the Manufacturing Division in the third quarter of the financial year as well as new revenue stream from the Retail Division upon opening its first “Philipp Plein” flagship store in Singapore in April 2019. The loss after tax widened from RM13.91 million in the financial year ended 2018 mainly due to the following:- - loss from Manufacturing Division due to impairment losses arising from goodwill, assets held for sale and investment in associate during the year; - loss from Retail Division which was still at the start-up stage and is going through a gestation period; and - loss from Healthcare Division due to impairment losses of investment in associate and joint venture. Following the proposed disposal of Premier De Muara Sdn. Bhd. (“PDMSB”) and Premier Elastic Webbing & Accessories Co., Ltd. (“PEWA”) by the Group announced during current financial year (details as mentioned below), the results of PDMSB and PEWA for the current and previous financial years have been classified as discontinued operations. The Group’s total assets grew by RM156.0 million or 36% from RM433.7 million to RM589.7 million in 31 December 2019 while gearing ratio remained low at 6%. As at 31 December 2019, the shareholders equity of the Company was RM158.8 million. The net asset per share at the end of the current financial year is RM0.39 per share.