KUALA LUMPUR: Shares of ZELAN BHD [] fell in early trade on Thursday, Feb 17 after it recorded negative revenue from its continuing operations in Indonesia totalling RM39.2 million in the third quarter ended Dec 31, 2010 and warned of more losses in the current fourth quarter.
At 9.10am, it was down 3.5 sen to 54.5 sen with 2.71 million shares done.
The FBM KLCI rose 0.79 of a point to 1,507.09. Turnover was 107.8 million shares valued at RM47.02 million. Advancers beat decliners three to one, with 152 gainers, 51 losers and 149 stocks unchanged.
On Wednesday, Zelan said the negative revenue was due to a reversal made on the revenue recognised earlier as a result of additional foreseeable losses for the Indonesian project.
Net losses for the 3Q ended Dec 31, 2010 were RM41.29 million compared with RM60.38 million. Loss per share was 7.33 sen versus 10.72 sen.
Zelan said there was minimal revenue recognised from other existing projects during the 3Q and warned it was expected to continue to make losses in the final quarter as its revenue was expected to come only from its existing secured order book.
At 9.10am, it was down 3.5 sen to 54.5 sen with 2.71 million shares done.
The FBM KLCI rose 0.79 of a point to 1,507.09. Turnover was 107.8 million shares valued at RM47.02 million. Advancers beat decliners three to one, with 152 gainers, 51 losers and 149 stocks unchanged.
On Wednesday, Zelan said the negative revenue was due to a reversal made on the revenue recognised earlier as a result of additional foreseeable losses for the Indonesian project.
Net losses for the 3Q ended Dec 31, 2010 were RM41.29 million compared with RM60.38 million. Loss per share was 7.33 sen versus 10.72 sen.
Zelan said there was minimal revenue recognised from other existing projects during the 3Q and warned it was expected to continue to make losses in the final quarter as its revenue was expected to come only from its existing secured order book.
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