Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on September 18, 2018

Reach Energy Bhd (-ve)
TRADING of shares in Reach Energy Bhd (fundamental: 0.8/3, valuation: 0.9/3) triggered our momentum algorithm last Friday, closing down one sen or 2.7% to 36 sen.

A total of 23 million shares changed hands, close to seven times more than its 200-day average volume of 3.5 million shares.

The increase in trading activities occurred despite the lack of new development by the company.

The group saw a recovery in its latest quarter’s financial results as it returns to black, with a net profit of RM11.2 million in the second quarter ended June 30, 2018 compared to a net loss of RM14.5 million a year ago.

Despite the turnaround seen in the quarter, its first half for the period ended June 30, 2018 (1HFY18) remained in the red with a net loss of RM9.8 million, compared to its net loss of RM24.3 million in 1HFY17.

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