Thursday, May 19, 2011

Menang Corp slips after 1Q losses

KUALA LUMPUR: Shares of Menang Corp Bhd slipped in afternoon trade on Thursday, May 18 after it posted losses of RM2.51 million in the first quarter ended March 31, 2011.

At 3.09pm, it was down 0.5 sen to 22 sen with 45,900 shares done.

The property developer announced wider losses of RM2.51 million compared with RM2 million a year ago. Revenue was RM1.3 million compared with RM1.12 million while loss per share was 0.94 sen versus 0.75 sen. Its net asset per share was 57.86 sen.

It said the increase in turnover in 1Q2011 was due to higher sales in development PROPERTIES [].'' The lower loss posted in the preceding quarter was due to write back of a provision which was no longer required.

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