Friday, November 4, 2011

Lingui falls after 1Q net loss of RM28m

KUALA LUMPUR (Nov 4): Shares of Lingui Developments Bhd fell on Friday after the timber-based company reported net loss of RM28.06 million in the first quarter ended Sept 30, 2011.

At 3.28pm, it was down 11 sen to RM1.43 with 1.99 million shares done.

The FBM KLCI rose 8.52 points to 1,470.89. Turnover was 1.81 billion shares valued at RM962.08 million. There were 548 gainers, 169 losers and 224 stocks unchanged.

Lingui had on Thursday it registered an operating profit of RM19.46 million compared with RM9.59 million a year ago.

However, it made a net loss of RM28.06 million versus net profit of RM39 million a year ago as it was adversely affected by losses in fair value of biological assets.

Lingui recognised a loss from changes in fair value of biological assets of RM25.9 million as the softwood log prices soften at the end of financial quarter under review compared to immediate preceding financial quarter.

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