Gadang falls 6.04% after full year earnings plunge 55%

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KUALA LUMPUR (July 25): Gadang Holdings Bhd fell 6.04% this morning after it made a net loss of RM3.39 million in the fourth quarter ended May 31 from a RM23.31 million net profit a year prior due to the recognition of variation orders at its construction division and lower profit from its Johor based capital City project. Revenue grew 7% to RM196.9 million.

At 9.12am, Gadang fell 5.5 sen to 85.5 sen for a market capitalisation of RM622.49 million.

This is the first quarterly loss the group has incurred since 4QFY11.

Net profit for the full financial year plunged 55% to RM43.49 million despite an 18% rise in revenue to RM699.89 million.