Barakah share volume, price spike after reporting 3Q profit

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KUALA LUMPUR (June 16): Barakah Offshore Petroleum Bhd's share trade volume spiked above 100 million units in morning trades today while the stock's price jumped as much as 200% after the company said yesterday third quarter net profit stood at RM17.53 million versus a net loss of RM41.93 million a year earlier.

At Bursa Malaysia today, Barakah saw some 162 million shares changing hands at 10.22am after its share price jumped as much as four sen or 200% to six sen so far today.

At 10:22am, Barakah pared gains at five sen for a market capitalisation of RM16.72 million. Yesterday, Barakah's share trade volume closed at 594,500 units.

Barakah said in a Bursa filing yesterday revenue declined to RM23.71 million in the third quarter ended March 31, 2020 (3QFY20) from RM50.43 million a year earlier.

Cumulative 9MFY20 revenue and net profit stood at RM146.34 million and RM22.59 million respectively, Barakah said.

"In view of the change in financial year end from Dec 31, 2018 to June 30, 2019, the current reporting financial period will be for a period of nine months, made up from July 1, 2019 to March 31, 2020. Furthermore, there are no comparative figures for the preceding year to date," Barakah said.