Hengyuan share price drops 4.12% despite narrower net loss

-A +A

KUALA LUMPUR (Dec 2): Hengyuan Refining Co Bhd fell 4.12% this morning despite its lower net loss in the third quarter of financial year 2019 (3QFY19).

At 10:14am, shares of Hengyuan dropped 18 sen to RM4.19 with a market capitalisation of RM1.31 billion, making the stock one of the top losers across Bursa Malaysia this morning.

In a filing dated Nov 29, Hengyuan said its net loss narrowed in 3QFY19 to RM11.43 million from RM122.49 million last year on higher revenue which jumped 56% to RM3.23 billion from RM2.07 billion last year.

For the nine-month period, its net profit of RM13.42 million was down 57% from RM30.91 million last year, while revenue increased 9% to RM9.49 billion from RM8.73 billion.

In a separate filing, Hengyuan said the progress of the company's Euro4 Mogas project is delayed and is currently expected to be completed by the fourth quarter of 2020.