Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 23): Handal Resources Bhd net loss for the three months ended Sept 30, 2017 narrowed substantially to RM1.75 million, from a net loss of RM11.05 million a year earlier, mainly due to absence of impairment provision in the quarter under review.

In a filing with Bursa Malaysia, Handal said revenue for the quarter fell 33% to RM12.63 million, from RM18.97 million a year earlier.

Loss per share narrowed to 1.09 sen, from 6.90 sen previously.

For the nine months ended Sept 30, 2017 (9MFY17), Handal's net loss narrowed 74% to RM2.38 million, from a net loss of RM9.18 million a year ago.

Revenue for the period fell 40% to RM38.87 million, from RM64.36 million previously (9MFY16).

On prospects, Handal said group performance is expected to be challenging for the current financial year, in view of the global oil supply situation continuing to influence industry outlook.

“However, with improving oil prices, the group expects market conditions to improve,” Handal added.

Handal was last trading at 22.5 sen this morning, with 35,000 shares done.
 

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