KUALA LUMPUR (July 30): Shares of Sino Hua-An International Bhd, which soared more than tenfold over the past year from 3.5 sen, fell as much as 22.22% earlier this morning to as low as 28 sen after reporting an 88% plunge in net profit for the second quarter ended June 30, 2018 to RM2.53 million last Friday (July 27).

At 9.42am, Sino Hua-An pared some of its losses and was down 5.5 sen or 15.28% at 30.5 sen, with 49.17 million shares traded, making it the most active counter on Bursa Malaysia. This brings its market capitalisation to RM404.03 million.

The red chip company attributed the lower earnings to lower average selling prices of metallurgical coke as well as relatively lower sales volume.

This was in line with the lower revenue, which fell 7% to RM240.33 million from RM259.02 million a year ago.

The average selling price of metallurgical coke had declined by approximately 7% to RMB1,836 in the current quarter versus RMB1,968 last year, said the company in a Bursa filing, adding that the sales volume was also lower by 5% compared with the previous year.