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Hot Stock Flonic surges after securing a project management and subcontract works
by Cals Tue 10 May 2016, 10:18
- Hot Stock
[size=28]Flonic surges after securing a project management and subcontract works
By Tan Siew Mung / theedgemarkets.com | May 9, 2016 : 10:07 AM MYTKUALA LUMPUR (May 9): Flonic Hi-Tech Bhd, which emerged as one of the top 10 actively traded stocks this morning, jumped one sen or 25% to five sen.
This was after the group announced last Friday that it had bagged a project management and subcontract works for an affordable housing project in Malacca worth RM30.86 million.
At 10 am, the group stayed at five sen, the highest point so far. The counter saw 10.67 million shares traded, compared with the 200-day average volume of 1.79 million.
According to the group’s filing to the bourse, the project including construction package for 28 units single storey detached, 150 units double storey semi-detached and infrastructure works
The sub-contract is expected to commence on today, and complete on March 31, 2017. It is expected to contribute positively to the group’s earnings for the financial year ending January 31, 2017, it said.
The group slipped into losses since 2008. As at financial year ended Jan 31, 2016 (FY16), the group remained in the red, with net losses of RM3.97 million, although the net losses had been narrowed when compared with net losses of RM6.69 million in FY15.
Flonic is a manufacturer of critical and precision cleaning systems for the semiconductor, automotive and hard disk drive industries.
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