KUALA LUMPUR (May 6): MCT Bhd which recently resumed trading on the Main Market of Bursa Malaysia after a successful reverse takeover (RTO) by MCT Consortium Bhd, has reported a net loss of RM22,000 for the three months ended March 31, 2015 (5QFY15) on lower interest income from lower placement of funds after capital repayment and expenses incurred to effect its proposed regularisation plan.

Comparatively, the group registered a net profit of RM352,000 in the previous corresponding quarter ended March 31, 2014, its filing to Bursa Malaysia this evening showed.  

The group, formerly known as GW Plastics Holdings Bhd, slipped into Practice Note 17 (PN17) status after it sold its core business to Scientex Bhd in January 2013. Part of its regularisation plan to uplift the status included the RTO exercise by MCT Consortium.

The group did not register any revenue for the quarter under review. Meanwhile, there is no actual comparative figure for the cumulative period as the group changed its financial year end to June 30, 2015, from Dec 31, 2014.

But for reference, the latest quarterly loss widened MCT’s net loss for the 15 months ended March 31 to RM2.76 million, compared to a net profit of RM75.6 million that was recorded in the 12 months ended Dec 31, 2013 (FY13).

As at March 31, 2015, MCT has RM4.39 million in cash and cash equivalent.

Shares in MCT inched up 1 sen or 0.76% to close at RM1.32 today, for a market capitalisation of RM1.75 billion.

(Notes: 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.)