Wednesday, September 7, 2011

Cepco resumes downward trend

KUALA LUMPUR: Shares of CONCRETE ENGINEERING PRODUCTS [] Bhd (Cepco) extended their losses on Wednesday, Aug 7, weighed down by worries about its high trade receivables and borrowings again.

At 12.07pm, it was down 14 sen to RM1.80 with 17,000 shares done.

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

Cepco's trade receivables totalled RM46.84 million in the third quarter ended 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.

In the 3Q, Cepco made a 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.

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