KUALA LUMPUR: Green Packet Bhd's losses widened in second quarter and warned that its outlook for the rest of the year remained challenging due to the pandemic.

       The three-month ended June 30, Green Packet registered a loss of RM49.2mil compared with a loss of RM12mil a year ago.

       This was partly attributed a fair value loss on other quoted investment of RM 17.7mil made during the quarter, the company said in a filing today.

       Meanwhile, revenue declined to RM124.8mil from RM145mil previously.

       "Due to the ongoing Covid-19 pandemic, the overall business environment remains challenging," Green Packet said on a its outlook for the rest of the year.

       The group. however, said it was confident that it "will remain competitive."

       Green Packet said it would "continue to expand into new growth areas to diversify its revenue streams and improve future margins, moving into new opportunities that will support the digital needs of consumers, SMEs, enterprises, and underserved markets, while also contributing to nation-building efforts."