Monday, September 5, 2011

Cepco falls to lowest in 2 '' yrs

KUALA LUMPUR: Shares of CONCRETE ENGINEERING PRODUCTS [] Bhd (Cepco) fell the most on Monday, Sept 5, in the absence of fresh negative news but there could be concerns about its high trade receivables and borrowings.

At 3.57pm, Cepco was down 35 sen to RM1.83, the lowest since March 31, 2009.

The FBM KLCI fell 9.35 points to 1,464.74. Turnover was 476.74 million shares valued at RM1.02 billion.

In the third quarter ended May 31, 2011, Cepco posted net profit of RM6.24 million versus net loss of RM197,000 a year ago.

For the nine month period, its net profit fell 20% to RM6.03 million compared RM7.54 million a year ago. Its net asset per share was RM2.04.

Cepco's trade receivables totalled RM46.84 million as at May 31, compared with RM32.24 million as at Aug 31, 2010.

It had cash and bank deposits of RM7.22 million compared with short-term borrowings of RM32.64 million and trade payables of RM31.48 million.

INCH KENNETH KAJANG RUBBER PLC [] is the largest shareholder of Cepco with 20.2% stake.

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