KUALA LUMPUR (March 1): Metronic Global Bhd has redesignated its executive editor Hoo Wai Keong as its chief executive officer, with effect from today, following the resignation of 53-year-old Set Hin Fook on Feb 28 "to pursue other interests".

Hoo, 42, was the managing director of his own business concern in Singapore, which deals with the engineering fabrication of precision machinery, spare part components for banking machines, semiconductors and automotives.

Experienced in the electronic and automotive fields, his business also covers China, Europe and the US markets, Metronic said.

Yesterday, the group posted a net loss of RM1.82 million in its second quarter ended Dec 31, 2018 on revenue of RM6.79 million. This resulted in a cumulative net loss of RM3.43 million for the six months ended Dec 31 on revenue of RM11.01 million.  

The quarterly and cumulative period's losses were due to a provision for impairment of assets held for sale of RM1.1 million and RM1.7 million that were recognised in the reporting period, respectively.

There was no comparison figures provided due to a change of financial year from Dec 31 to June 30 in the preceding financial period.

Metronic Global's shares closed unchanged at 11 sen, giving it a market capitalisation of RM35.3 million. Year to date, the stock has retreated nearly 27%.