The group reported a net loss of RM239.77 million in Q3 FY2023 from a net profit of RM51.6 million in the same quarter a year ago.
The red-hot counter topped Bursa Malaysia’s most-traded shares list in the early morning trade with 80.37 million shares changing hands.
Revenue fell 27.68% to RM276.71 million, from RM382.64 million in Q3 FY2022, mainly due to lower wafer shipments.
DNeX’s huge quarterly net loss was due to a RM252.4 million energy profit levy in the UK for its oil and gas operations under Ping Petroleum Ltd.
The levy was set at 25% for profits generated from May 26, 2022 to Dec 31, 2022 and 35% for profits arising from Jan 1, 2023 to March 31, 2028, it said.
“The enactment of the energy profit levy by the UK government led to a deferred tax liability recognised as at March 31, 2023 of RM252.40 million (which) is non-cash in nature and will be fully reversed to the profit or loss by March 31, 2028,” the group said.
The group’s loss before tax was RM3.41 million in Q3 FY2023, from a profit before tax of RM109.86 million a year ago, due to its technology business revenue falling 44% on lower wafer shipments.
Going forward, DNeX said the semiconductor industry’s long-term prospects remain strong.
“The group has been actively engaging with customers on new product qualifications. This puts us in a strong position to ramp up volumes when the industry rebounds,” it added.
Ping Petroleum – in which DNeX owns a 90% stake – will focus on developing the Meranti Cluster, an offshore brownfield asset near Kuala Terengganu.
Meanwhile, the group also feels optimistic that its information technology segment will continue to benefit from its National Single Window (NSW) for Trade Facilitation service.
NSW is DNeX’s one-stop trade facilitation system, which helps link traders with government agencies as well as trade and logistics parties through a single platform.
The group did not declare a dividend for the third quarter.
As of noon, DNeX’s share price was up 7.69% or three sen to 42 sen, valuing the company at RM1.29 billion.