KUALA LUMPUR (Sept 29): Hiap Teck Venture Bhd fell as much as 18.82% to 34.5 sen this morning, after it yesterday reported a net loss of RM137.87 million in the fourth quarter ended July 31, 2017 (4QFY17), from a net profit of RM7.88 million a year ago.

The group attributed the net loss to lower volume sales and a one-off Fair Value Adjustment of RM9.46 million from the early redemption of the Convertible Bonds.

Hiap Teck said for the quarter under review, the group’s Jointly Controlled Entity (JCE) took a non-cash impairment loss of (RM266.15 million) on its property, plant and equipment (PPE).

It quarterly revenue was also down 12.38% to RM228.28 million, compared with a RM260.54 million in 4QFY16.

At 10.40am, the stock was down six sen or 14.12% to 36.5 sen, with 66.97 million shares traded, for a market capitalisation of RM478.29 million. It was the most active counter on Bursa Malaysia. 

Year to date, the stock climbed about 29.43%, from 28.2 sen.