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Hot Stock JAG falls 7.69% after dismal 3Q earnings
by Cals Sat 07 Nov 2015, 02:22
- Hot Stock
[size=28]JAG falls 7.69% after dismal 3Q earnings
By Surin Murugiah / theedgemarkets.com | November 6, 2015 : 9:35 AM MYTKUALA LUMPUR (Nov 6): Shares of waste management company JAG Bhd ([You must be registered and logged in to see this image.] Valuation: 0.60, Fundamental: 1.20) fell 7.69% in early trade today after it slipped into the red in its third financial quarter ended Sept 30, 2015 (3QFY15) with a reported net loss of RM8.23 million, due to rising staff cost pursuant to the implementation of a share issuance scheme (SIS options).
At 9.16am, JAG fell 1 sen to 12 sen with 9.17 million shares traded.
It reported a net profit of RM1.72 million in the same period a year ago.
In a statement today, JAG said its staff cost had increased due to the granting of SIS options to eligible employees, which amounted to RM9.08 million.
If the expense arising from the granting of the SIS options is excluded, JAG would have recorded a net profit of RM851,000, which would be a 50% decline in net profit compared to 3QFY14.
Meanwhile, revenue for 3QFY15 had slipped by 34.8% to RM20.24 million, from RM31.04 million in 3QFY14, which the group attributed to low commodity prices, specifically copper.
For its nine-month financial period ended Sept 30 (9MFY15), JAG reported a net loss of RM6.61 million, compared with a net profit of RM5.3 million a year ago.
Revenue for 9MFY15 decreased 40.8% to RM60.88 million, from RM102.76 million in 9MFY14.
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