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Hot Stock Fiamma falls 5.39% on poor 1Q results
by Cals Thu 25 Feb 2016, 01:36
- Hot Stock
[size=28]Fiamma falls 5.39% on poor 1Q results
By Surin Murugiah / theedgemarkets.com | February 24, 2016 : 9:37 AM MYTKUALA LUMPUR (Feb 24): Shares of Fiamma Holdings Bhd fell 5.39% in early trade today after Lower contribution from the property development segment has dragged Fiamma’s net profit down by almost 67% to RM2.57 million or 1.89 sen per share for the first financial quarter ended Dec 31, 2015 (1QFY16), from RM7.77 million or 5.68 sen per share a year ago.
At 9.18am, Fiamma lost 13 sen to RM2.28 with 210,200 shares done.
Revenue also declined 18.4% to RM62.72 million, from RM76.89 million in 1QFY15, according to a filing to Bursa Malaysia today
The trading segment's net revenue dropped 5.6% to RM57.78 million, compared to the RM61.2 million recorded in 1QFY15. Consequently, this segment recorded a lower PBT of RM4.63 million, against a PBT of RM6.70 million in 1QFY15, representing a decrease of 30.9%.
Meanwhile, the property development segment recorded a net revenue of RM3.7 million against RM15.27 million in 1QFY15, down 75.8%. This segment recorded a loss before taxation of RM880,000 against a PBT of RM5.08 million a year ago.
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