Comintel's counter to be suspended tomorrow, pending material announcement

Comintel's counter to be suspended tomorrow, pending material announcement
-A +A

KUALA LUMPUR (July 21): Trading of shares in Comintel Corp Bhd will be suspended tomorrow with effect from 9am, pending a material announcement.

The Practice Note 17 (PN17) company is involved in turnkey engineering design and integration, programme management, installation and commissioning with comprehensive aftersales service support (collectively known as System Integration and Maintenance Services Segment or SIMS Segment).

Apart from that, it offers green waste management and waste-to-energy solution, as well as renewal and green technology products and other energy-efficient solutions.

For the first quarter ended April 30, 2020 (1QFY21), the company slipped into the red, reporting a net loss of RM1.98 million, compared with a net profit of RM16.19 million as operating, administrative, selling and distribution expenses spiked to RM2.4 million from RM1.2 million a year ago.

It added that the profit for 1QFY20 was due to the realisation of a gain after disposing of 100% equity interest in its electronic manufacturing subsidiary BCM Electronics Corp Sdn Bhd to Aurelius Holdings Bhd — a company in which Comintel executive director Loh Hock Chiang is a shareholder — for RM123.8 million.

Revenue for the quarter improved to RM220,000 from RM1,000 a year ago.

Today, its stock surged 13.33% or two sen to close at 17 sen, bringing it a market capitalisation of RM23.8 million. Some 1.09 million shares were traded.

Year-to-date, the stock has rallied 113% from eight sen on Jan 3.