Thursday 28 Mar 2024
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KUALA LUMPUR (June 21): Comintel Corp Bhd's share price tumbled 28.88% today, wiping out the gain it made in the past few weeks.

The sharp fall in share price prompted the local stock exchange to query Comintel on the unusual market activity.

Comintel's share price fell by 27 sen to 66.5 sen with 30.66 million shares changing hands today. The stock is the third largest loser, in terms of value, on the local bourse.

The group has a market capitalisation of RM134.4 million.

The counter had climbed to an eight-year high of 95 sen in less than three weeks since May 30.

This is not the first time Comintel saw a sudden surge in its share price. On Dec 18 last year, the counter also rocketed 73% to 64 sen, a day after the group released its third quarter ended Oct 31, 2015 (3QFY16) financial results.

The IT solution provider announced a big leap on its net profit, which soared several folds to RM4.86 million from barely RM871,000. Revenue for 3QFY16 also rose by 31.13% to RM109.85 million from RM83.77 million a year ago.

The earnings growth momentum continued in 4QFY16. Comintel's net profit jumped by more than 10 times to RM6.3 million in 4QFY16 from RM628,000 in 4QFY15, while revenue grew by 28.29% to RM109.31 million from RM85.21 million previously.

Cumulatively for the financial year ended Dec 31, 2016 (FY16), the group posted a net profit of RM13.89 million against a net loss of RM1.34 million in the previous year. Revenue grew almost 22% to RM377.22 million from RM309.54 million in FY15.

Comintel attributed the profit jump to higher profit margin contributed by its manufacturing segment.

 

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