G3 Global Bhd (-ve)
Shares in loss-making G3 Global Bhd (fundamental: 1.65/3, valuation: 0/3) triggered our momentum algorithm yesterday for the first time this year.
The counter closed four sen or 4.25% lower at 90 sen, giving it a market capitalisation of RM370.98 million, after 2.46 million shares changed hands, which were far above the counter’s 200-day average volume of 101,043 shares. Year to date, the stock has gained some 21%.
G3 posted a net loss of RM3.98 million in the first quarter ended March 31, 2018 (1QFY18), due to lower sales and high start-up costs incurred by its information and communications technology (ICT) business. It said poor market sentiment caused sales for the quarter to be lower than normal.
The group’s revenue came in at RM4.39 million during the quarter. Due to a change in the financial year end for the group, no comparative figures were provided.
Though the newly set up ICT business has incurred some development and start-up costs, G3 hopes to see the business contribute to the group’s sales this year. By expanding into the ICT business, the group is hopeful for better performance in its results for FY18.