This article first appeared in The Edge Financial Daily on December 9, 2019
Protasco Bhd (-ve)
TRADING of shares in Protasco Bhd (fundamental: 0.35/3, valuation: 1.2/3) triggered our momentum algorithm last Friday for the second time this year.
The stock closed 1.5 sen or 4.69% higher at 33.5 sen, with 6.67 million shares done, compared with its 200-day average of 1.22 million shares.
The group posted a net profit of RM959,000 for the third quarter ended Sept 30, 2019 (3QFY19), compared to a net loss of RM801,000 a year ago. This was despite quarterly revenue shrinking by 3.6% to RM226.46 million, on lower maintenance works, from RM234.88 million for 3QFY18. For the cumulative nine months (9MFY19), it posted a net profit of RM4.95 million compared to a net loss of RM3.9 million a year ago, while revenue declined 8.38% to RM581.37 million from RM634.54 million for 9MFY18.
Protasco declared a dividend of 0.6 sen for the financial year ending Dec 31, 2019, payable on Jan 10, 2020. This brings its total dividend payout for the year to 1.2 sen.