Wednesday, November 2, 2011

Unisem slips on disappointing 3Q results

KUALA LUMPUR (Nov 2): Shares of UNISEM (M) BHD [] fell on Wednesday as investors were disappointed with the weak third quarter results, which saw earnings tumble by nearly 90% to RM5.27 million.

At 9.49am, it was down six sen to RM1.20. There were 2.11 million shares done at prices ranging from RM1.18 to RM1.22.

On Tuesday, Unisem reported earnings fell 89.7% to RM5.27 million in the third quarter ended Sept 30, 2011 from RM51.53 million a year ago. Its revenue fell 22.2% to RM288.19 million from RM370.69 million.

CIMB Equities Research said it was maintaining its Underperform call on Unisem following the results, which it described were a 'letdown' and the outlook was not expected to improve.

The poor demand and low utilisation were the de-rating catalysts.

No comments:

Post a Comment