KUALA LUMPUR (July 8): Shares in Green Packet Bhd, which have generally been on the downtrend since their May 18's limit-up, rose by as much as 16% in active morning trade today.

The telecommunications stock was up eight sen at 58 sen, with 50.38 million shares changing hands, as at the time of writing. This gave the counter a market capitalisation of RM500.71 million.

It was also the sixth most actively traded stock across Bursa Malaysia.

On May 18, Green Packet's share price soared to a multiple-year high of RM1.51, gaining as much as 30 sen or 24.79%, before paring some gains to close the day at RM1.44.

The stock's value has since declined by nearly 60%. Year to date, the counter is trading at a discount of 15.22% or 10.5 sen. 

Last week, Green Packet reported a net loss of RM34.07 million for the first quarter ended March 31, 2020 (1QFY20), much wider than the RM13.88 million net loss a year earlier, as a result of higher costs and a fair value adjustment for an investment during the period under review.

The higher loss was mainly due to the fair value adjustment provided for the investment as at March 31, 2020 of RM17.25 million, coupled with higher business development costs incurred for the digital services and communications retail business, the group said.

This was despite a 50% increase in revenue to RM147.05 million, from RM97.94 million a year ago, on the back of higher sales across its business segments.

Green Packet designs and produces wireless broadband devices, user-centred products, applications and services that enable the delivery of valuable digital experiences, according to its website.

The firm is headquartered in Kuala Lumpur and has regional offices in Singapore, Taiwan and China. Its client base spans across 70 countries worlwide.