Dayang tumbles 10.12% on slipping back into the red

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KUALA LUMPUR (Feb 26): Dayang Enterprise Holdings Bhd shares tumbled 10.12% in early trade today after it slipped back into the red with a record quarterly net loss of RM54.25 million reported for the fourth quarter ended Dec 31, 2017, compared to a net profit of RM46.71 million, as its profit margin declined on lower charter rates.

At 9.02am, Dayang fell 8.5 sen to 75.5 sen with 1.06 million shares done.

Quarterly revenue fell 12.8% to RM173.76 million versus RM199.2 million in 4QFY16 due to lower work orders received and performed.

For the full FY17, the group sank into its first full-year net loss of RM143.93 million compared with a net profit of RM54.54 million the previous year. Revenue for FY17 was down by 2% to RM695.5 million from RM708.2 million in FY16 as work orders received and performed were lower in value.