KUALA LUMPUR (May 27): Time dot.Com Bhd, Cocoland Holdings Bhd, Kumpulan Fima Bhd and Kulim (Malaysia) Bhd became members of the top 10 stock losers this morning after they announced much weaker results yesterday.
At 12.03 pm, Time dot.Com – the second top loser – fell 17 sen or 3.8% to RM4.31 per share, and Cocoland – the third top loser –lost 11 sen or 5% to RM2.09.
While Kumpulan Fima fell 10 sen or 4.4% to RM2.19, Kulim gave up 9 sen or 2.5% to RM3.49.
Yesterday, Time dotCom said its net profit for the first quarter ended March 31, 2014, fell 18.5% to RM29.42 million from RM36.08 million in similar quarter a year ago.
Group revenue stood lower at RM131.9 million for the quarter, from RM133.01 million a year ago, according to its filing with Bursa Malaysia.
Kumpulan Fima Bhd said its net profit fell 55% to RM6.6 million in the fourth quarter ended March 31, 2014, from RM14.8 million a year earlier. Revenue, however, rose to RM136.5 million from RM122.6 million.
Kumpulan Fima said full-year net profit declined to RM59.4 million, from RM77.3 million while revenue was at RM504.6 million versus RM486.5 million.
The company recommended payment of a single-tier final dividend of 8% or 8 sen per share for the financial year ended 31 March 2014, but this did not help the stock today.
Kulim (Malaysia) Bhd said its net profit plunged 89% year-on-year (y-o-y) to RM38.1 million in the first quarter ended Mar 31, 2014, from RM345.1 million.
However, revenue grew 16.1% y-o-y to RM829.7 million from RM714.8 million.
The plantation company said its lower net profit was due to higher expenses excluding finance cost and tax, as well as higher income tax expense.
The significantly lower net profit was also due to a higher base comparison in the same quarter last year, as the firm made a profit of RM339.3 million net of tax from a discontinued operation.
Cocoland Holdings Bhd reported a net profit of RM3.41 million for its first quarter to March 31, 2014, lower than RM4.10 million posted a year ago.
Revenue also fell to RM59.25 million from RM67.93 million.
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