Scomi down on 3Q losses of RM166m, KLCI dn 14 pts

Shares of SCOMI GROUP BHD [ ] fell in early trade on Monday, Nov 29 after it reported net losses of RM166.48 million in the third quarter ended Sept 30, in contrast to the net profit of RM22.97 million a year ago.

Scomi fell four sen to 35.5 sen with 6.98 million shares done while Scomi-WA three sen to 15.5 sen with 4.28 million units transacted.

The FBM KLCI fell 14.37 points to 1,477.68. There were 83.84 million shares done valued at RM128.75 million. Losers hammered gainers 242 to 62 while 110 stocks were unchanged.

The company said on Friday, Nov 26 the losses were due to lower revenue from its core business while there was a potential impairment and costs amounting to RM52.6 million and provision of RM109.7 million. (Source: The Edge Online by Joseph Chin)