ARB IOT Group Ltd. reports sharp decline in IoT Smart Home and Gadget Distribution sales
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ARB IOT Group Ltd. reported a significant decline in revenue from its IoT Smart Home and Gadget Distribution segments for the year ending June 30, 2024. Revenue from IoT Smart Home dropped to RM0.5 million ($0.1 million), an 81.2% decrease from RM2.5 million ($0.5 million) in the previous year. IoT Gadget Distribution revenue fell to RM5.7 million ($1.2 million), down 71.6% from RM20.1 million ($4.3 million). The company disposed of its Gadget Distribution business in October 2023 due to low profitability. No significant trends affecting financial results were reported.
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