UMA Versatile Creative gets UMA query after its shares hit all-time high

by **Cals** Fri 06 May 2016, 01:27

UMA

[size=28]Versatile Creative gets UMA query after its shares hit all-time high

By Meena Lakshana / theedgemarkets.com | May 5, 2016 : 5:30 PM MYT

KUALA LUMPUR (May 5): Bursa Malaysia has issued printing services company Versatile Creative Bhd an unusual market activity (UMA) query after the stock hit a five-year high.

At 4.23pm, the stock gained as much as 28.5 sen or 18.95% to RM1.05, with a traded volume of 307,500 shares.

The stock is the third top gainer on the local bourse today.

The stock has been on a steady decline since Dec 31, 2014. Versatile shares have been declining from its previous all-time high of 94.5 sen on Nov 28, 2014.

Year to date, the stock has risen 4.08%, outperforming the FBM KLCI which has declined 2.06%.

Bursa Malaysia has ordered Versatile to reveal any corporate development and affairs, rumour or report regarding the business affairs of the company that has not been previously announced.

The regulator also requested Versatile to verify if it is in compliance with Bursa Securities listing requirements, particularly Paragraph 9.03 on immediate disclosure obligations.

Versatile offers services that range from printing to media digital transmission. Versatile returned to profitability in the third quarter ended Dec 31, 2015 (3QFY16), reporting a net profit of RM1.15 million or 0.98 sen per share from a net loss of RM2.3 million or 2.08 sen per share in the previous corresponding quarter despite a 9.75% decline in revenue to RM10.74 million in 3QFY16 from RM11.9 million a year ago.

The company attributed its return to profit position to the reclassification of net fair value loss on other investment to fair value reserves.

For the first nine months of financial year 2016 (9MFY16), Versatile saw its net loss narrow to RM675,000 or 0.58 sen per share from RM6.24 million or 5.64 sen per share despite a 13.04% decrease in revenue to RM33.09 million from RM38.05 million.

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