UMA APFT unaware of reason for share price fall

by **Cals** Wed 24 Feb 2016, 03:50

UMA

[size=28]APFT unaware of reason for share price fall

By Gho Chee Yuan / theedgemarkets.com | February 23, 2016 : 3:20 PM MYT

KUALA LUMPUR (Feb 23): APFT Bhd, whose share price fell to a six-month low of 12 sen today, said it is not aware of any factor that may have contributed to the unusual market activity (UMA).

It was responding to Bursa Malaysia's UMA query, saying it is unaware of any corporate development or rumour that may have triggered the sharp fall in its share price.

APFT is the first aviation education and training service provider to be listed on Bursa Malaysia on March 18, 2011. It received the UMA query from the exchange regulator following a 10% decline in its share price in early trade today.

As of 12.30pm midday break, the stock fell two sen or 14.3% to settle at 12 sen, with 19.94 million shares changing hands. The current price values it at RM56.43 million.

The stock's downward spiral began on Feb 12, which saw its share price fall as much as 11 sen or 47.8% since then. The stock has also lost some RM50 million of its market value.

According to its latest financial results, APFT slipped into the red in the second financial quarter ended Sept 30, 2015 (2QFY16), recording a net loss of RM7.23 million from a net profit of RM26,000 a year ago due to a sharp fall in revenue.

Revenue declined 15 times to RM1.59 million in 2QFY16 from RM24.41 million in 2QFY15 due to lower contribution from associate PT Tecnic (M) Sdn Bhd.

For the cumulative six-month period (1HFY16), APFT recorded a net loss of RM9.1 million compared to a net profit of RM29,000, while revenue declined 72.6% to RM14.45 million from RM52.65 million in 1HFY15.

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