TFP Solutions Bhd ... Oct09

An information and communications ICT service provider, expects its financial performance to improve in the second half of 2009 on the back of an improving economy.

It recorded a net loss of RM686,000 in its first quarter (1Q) ended March 31, 2009, on the back of a RM2.57 million revenue. The net loss narrowed to RM399,000 in the second quarter as revenue improved to RM3.09 million.

The company propose to dispose of two units of four-storey shop-offices at Bandar Puteri, Puchong, Selangor for RM5.1 million cash.

The company plans to use RM2.5 million of the proceeds to buy a new building to house TFP Solutions’ six subsidiary companies under one roof.

From the balance of the proceeds, the company would use RM1.1 million to repay loans and the rest for working capital.

TFP Solutions had earlier expressed interest to venture overseas — notably Vietnam, Thailand and Indonesia — but the economic downturn put paid to the plan. Jamaludin said the company would now be looking at expanding at a slower pace and could not determine when it could revive the overseas venture plan.