UMA MLABS Systems gets UMA query over share price, volume spike

by **Cals** Fri 03 Jun 2016, 10:03

UMA

[size=28]MLABS Systems gets UMA query over share price, volume spike

By Gho Chee Yuan / theedgemarkets.com | June 2, 2016 : 4:13 PM MYT
KUALA LUMPUR (June 2): A 68.8% jump in MLABS Systems Bhd's share price and surge in trading volume today prompted the stock exchange regulator to issue an unusual market activity (UMA) query to the company.

As at 3.27pm, the multipoint multimedia video conferencing system manufacturer's shares narrowed its gain to trade at 11.5 sen, still up 3.5 sen or 43.75% after 9.7 million shares were traded.

The counter climbed to its 22-month high of 13.5 sen in the morning trading session, representing a 5.5 sen or 68.8% spike compared with yesterday's closing of eight sen.

Trading volume also soared to 9.7 million shares from Wednesday's closing of 60,200 shares. Its 65-day average trading volume stood at 18,422 shares.

The current price values it at RM22.42 million.

Its warrant, MLAB-WA, which was the most actively traded counter on the local bourse, jumped 3.5 sen or 116.67% to 6.5 sen as at 3.32pm, after 48.92 million shares crossed hands.

Today, Bursa Malaysia has asked the company to state if there is any corporate development, rumour or reports in relation to its business affairs that may account for the share price movement.

MLABS has yet response to the UMA at the point of writing.

On Tuesday (May 31), MLABS announced that its net profit for the three months ended March 31, 2016 skyrocketed to RM279,000 from RM2,700 a year ago, due to lower other income dragged down by recovery of impairment debt in the preceding year.

Revenue fell 20% to RM1.08 million from RM1.35 million a year ago.

For the 15-month period, it posted a net loss of RM413,000 on revenue of RM3.49 million.
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