Tuesday, November 30, 2010

Konsortium Logistik 3Q net loss RM24.57m on writedowns of RM33.5m

KUALA LUMPUR: KONSORTIUM LOGISTIK BHD [] registered losses of RM24.57 million in the third quarter ended Sept 30 from net profit of RM7.08 million a year ago following writedowns and provisions totaling RM33.5 million.

The logistics company said on Tuesday, Nov 30, revenue rose 25.8% to RM77.2 million from RM61.34 million. Loss per share was 10.58 sen compared with earnings per share of 3.10 sen.

Ekuiti Nasional Bhd is in the process of taking over Konsortium Logistik. It extended an unconditional takeover by offering RM1.55 per share after it acquired 56.5% of the company's shares on Oct 18.

However, MIMB Investment Bank Bhd, in its independent advice to shareholders, said they should reject the offer as the takeover price was below offer premiums attributable to other conditional and unconditional takeover transactions.

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