KUALA LUMPUR (Nov 20): Hard disk drive maker Notion VTec said today net loss for the fourth quarter ended Sept 30, 2015 (4QFY15) narrowed to RM10.98 million from a net loss of RM11.62 million a year earlier. Revenue rose to RM54.78 million from RM50.37 million in 4QFY14.
In its quarterly report to Bursa Malaysia, Notion VTec said the net loss was due to realised currency-translation losses of RM15.24 million, up from RM4.29 million.
"The business environment continues to be challenging and volatile especially with the sharp rise of the US dollar, which should be good for an exporting company. Unfortunately, we were mostly hedged at the lower exchange rates resulting in both realised translational losses as well as forward fair valuation marked-to-market losses.
"The losses in FY2015 were significant and wiped out the operational profits. Going forth, we still have exposure until May and September 2016 after which we are totally unhedged," Notion VTec said.
For the full year, the company's net loss narrowed to RM13.5 million from a net loss of RM27.74 million a year earlier. Revenue grew to RM239.06 million from RM194.46 million.
Today, Notion VTec's share trade was halted twice today. The first suspension was from 9.10am to 10.10am followed by another halt between 10.32am and 11.32am.
At 3.01pm, Notion VTec shares fell 5.5 sen or 12% to 39.5 sen for a market capitalisation of RM105.98 million. The stock saw some seven million shares done.
The company amended its financials today following an announcement yesterday when the group said it posted 4QFY15 and full-year net profit from a year earlier.
Yesterday, Notion VTec said 4QFY15 net profit fell to RM10.73 million from RM14.66 million. It said full-year net profit declined to RM10.01 million from RM23.04 million.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)