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Hot Stock Konsortium Transnasional jumps 9.09% after asking for fare rise
by Cals Sun 03 Jan 2016, 16:07
- Hot Stock
[size=28]Konsortium Transnasional jumps 9.09% after asking for fare rise
By Surin Murugiah / theedgemarkets.com | December 31, 2015 : 9:31 AM MYTKUALA LUMPUR (Dec 31): Shares of public bus transport operator Konsortium Transnasional Bhd (KTB) ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 0.20) rose 9.09% in early trade today after the company called on the government to increase bus fares to cushion increasing operational costs experienced by bus companies.
At 9.10am, KTB rose 2 sen to 24 sen with 7.78 million shares done.
KTB chairman and managing director Tan Sri Mohd Nadzmi Mohd Salleh yesterday said that the company's profit margin is currently under pressure for increase in operational costs, due to the implementation of the goods and services tax (GST) and the weaker ringgit.
He said an increase in bus fares would help the company to offset operational costs related to the purchase of spare parts and phasing out of old buses.
"The government had approved for a 22.6% hike in bus fares to be implemented in May this year, but pulled it back due to the increase in cost of living," he said on the sidelines, after a signing ceremony between Nadicorp Holdings Sdn Bhd and the Malaysian Rubber Board for the trial use of environmental-friendly rubber tyres.
"But it is difficult for companies like us to cope with the current situation. If it persists, we could record losses next year," he added.
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