This article first appeared in The Edge Financial Daily on April 23, 2018

Ire-Tex Corp Bhd (-ve)

SHARES in Ire-Tex Corp Bhd (fundamental: 0/3, valuation: 0.9/3), which triggered our momentum algorithm for the third time last Friday since the start of this year, closed two sen or 9.76% higher at 22.5 sen.

It saw 27.25 million shares traded, about 25 times its 200-day average volume of 1.1 million shares. At the current share price, it has a market capitalisation of RM31.54 million.

Ire-Tex reported a lower net loss of RM8.89 million for the fourth quarter ended Dec 31, 2017, compared with a net loss of RM17.73 million a year ago, mainly because the previous year had recorded an impairment loss of RM14.5 million in its manufacturing division.

Revenue, however, fell 70% to RM9.64 million from RM32.1 million, mainly because its “manufacturing division had lost a few of its main customers during the year”.

For its full financial year ended Dec 31, 2017, the group trimmed its net loss to RM17.26 million from RM27.51 million in the previous year, though revenue shrank 56% to RM58.58 million from RM133.65 milion.