Hot Stock REDtone falls 4.55% following 4Q losses

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REDtone falls 4.55% following 4Q losses

By Surin Murugiah / theedgemarkets.com   | June 27, 2016 : 9:47 AM MYT  

KUALA LUMPUR (June 27): Shares of Telecommunications player REDtone International Bhd fell 4.55% in morning trades today after it recorded a loss of RM23.53 million or 3.03 sen a share for the fourth quarter ended April 30, on revenue of RM51.81 million.
At 9.27am, REDtone fell 2 sen to 42 sen with 45,000 shares done.
For the 11 months to April 30, the group recorded a net loss of RM29.79 million or 3.81 sen a share, on revenue of RM148.59 million.
There were no comparison figures, as the group had changed its financial year end from May 31 to April 30, in line with Berjaya Corporation Bhd’s (BCorp's) financial year end. BCorp took over REDtone on May 8, 2016.
REDtone said that its losses were due to high project costs arising from prolonged delay in major projects, high impairment of trade receivables and impairment of goodwill and property, plant and equipment.