1 Utopia says unaware of reason behind surge in trading

by **Cals** Tue 28 Jul 2015, 23:09

1 Utopia says unaware of reason behind surge in trading

KUALA LUMPUR (July 28): 1 Utopia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) said it is not aware of the reason behind the sharp rise in the volume of its shares recently.
In a reply to Bursa Malaysia's unusual market activity (UMA) query today, 1 Utopia said its board of directors has no knowledge of any corporate development, rumours and other reasons that may contribute to the surge in the trading volume of its counter.
Trading in 1 Utopia’s counter soared to 132.6 million shares last Friday from 170,000 shares on Thursday.
The exchange issued an UMA to company on Monday.
1 Utopia is an information communications and technology (ICT) lifestyle retailer. It has outlets in Plaza Low Yat in Kuala Lumpur, as well as Digital Mall and Sunway Pyramid in Petaling Jaya.
At market close, 1 Utopia's (fundamental: 0.95; valuation: 0.9) share price fell 0.5 sen or 12.5% to settle at 3.5 sen, bringing its market capitalisation to RM39.56 million.
For the financial quarter ended March 31, 2015, it posted a net loss of RM1.39 million on revenue of RM53.64 million. It attributed the lower net income to lower margin derived from the ICT business.
For the cumulative 16-month period, it swung into the red with a net loss of RM13.04 million, despite revenue growing by 7.77% to RM547.67 million from RM508.19 million.
There were no comparative figures for the preceding year's individual and cumulative quarters as it had changed its year end from Nov 30 to March 31.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)