KUALA LUMPUR (May 25): IFCA MSC Bhd fell as much as 16% during today’s morning trade session today.
Interpacific Securities Sdn Bhd remisier Sam Ng attributed the drop to the group’s announcement of its chief financial officer's (CFO) resignation, despite the group posting a huge surge in net profit of over 2,200% (from RM0.42 million in 1Q14 to RM9.69 million in 1Q15 ended 31 March 2015).
Revenue also jumped 133.63% to RM31.98 million from RM13.69 million a year before.
“The CFO is a key person. They just announced such a good profit. Why is he suddenly resigning? That’s the main reason. It’s a bit suspicious. The directors have to sit for clarification on this,” he said.
As at 11.25am, IFCA dropped 19 sen or 11.73% to RM1.43, making it the fourth largest decliner and third most active with about 30.88 million shares traded.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)