PRG Holdings Berhad Annual Report 2020

14 PRG HOLDINGS BERHAD Management Discussion and Analysis Dear Valued Shareholders, I would like to personally thank each and every one of our shareholders, customers, business partners, business associates, bankers and other stakeholders for your continued support and faith in PRG throughout FY2020. It has been an extremely challenging year caused by the worldwide unprecedented crisis and pandemic. of Premier De Muara Sdn. Bhd. (“PDMSB”) and Premier Elastic Webbing & Accessories Co., Ltd. (“PEWA”) as part of our Group’s strategy of streamlining our operations. Arising from the disposal of PDMSB to third party, the Group has recognised a one-off realisation of previously unrealised intercompany revenue of RM80.5 million, profits of RM3.6 million and interest income of RM12.4 million, FINANCIAL REVIEW For the financial year, the Group recorded revenue of RM196.4 million representing RM64.4 million increase as compared to revenue of RM132.0 million recorded in preceding year. Loss before tax for FY2020 was RM32.4 million, representing improvement of RM34.4 million as compared to loss before tax of RM66.8 million recorded in preceding year. The improvement in performance was mainly due to disposal REVENUE Dato’ Lua Choon Hann Group Executive Vice Chairman RM196.4 million