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Hot Stock Heitech Padu jumps 7.7% on govt contract double its market cap

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Hot Stock Heitech Padu jumps 7.7% on govt contract double its market cap Empty Hot Stock Heitech Padu jumps 7.7% on govt contract double its market cap

Post by Cals Sun 21 Sep 2014, 18:53

Hot Stock Heitech Padu jumps 7.7% on govt contract double its market cap
Business & Markets 2014
Written by Kamarul Anwar of theedgemalaysia.com   
Friday, 19 September 2014 11:48

KUALA LUMPUR (Sept 19): Loss-making Heitech Padu Bhd stirred investors’ interests today, with trading volume swelling to 16 times its one-year average, after announcing it had secured a RM177 million government contract for an IT system upgrade.

At 11:08 am, shares of the information and communication technology player were traded 1.5 sen or 2.1% higher at 73 sen with 1.38 million units traded. Heitech Padu’s counter generated an intraday high of 77 sen today, its highest since Apr 2.

Yesterday, Heitech Padu in a stock exchange filing said that it had accepted a letter of award on a direct negotiation basis for the mainframe capacity upgrade for the Road Transport Department.

The five-year contract which begins this month is worth RM177 million, Heitech Padu said. This compares with its market capitalisation of RM72.38 million. The company said in the filing, the job was expected to have a positive effect on its earnings per share.

For the first half of its financial year ending Dec 31, 2014, Heitech Padu netted a loss of RM6.58 million, or 6.5 sen per share, on revenue of RM184.23 million. However, compared to the same period last year, Heitech Padu’s net loss was higher at RM7.37 million, or 7.28 sen per share, while revenue was RM165.33 million.
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