Omesti share price plunges 15% due to poorer financial results

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KUALA LUMPUR (June 1): Shares of Omesti Bhd were heavily traded as one of the most-active stocks on Bursa Malaysia today, while its share price fell as much as 15% today, as the IT services provider reported poorer financial results last Friday.

At 11.02am today, more than 21 million Omesti shares were traded, while its share price declined 10 sen or 13.3% to 65 sen. It was traded between 64 sen to 78 sen.

In a filing to the stock exchange last Friday, Omesti, formerly known as Formis Resources Bhd, said its net profit dropped 63% to RM4.48 million in fourth quarter ended March 31, 2015 (4Q FY2015), down from RM12.13 million a year ago.

For the full year, the group reported a net loss of RM0.33 million, compared to a net profit of RM31.96 million in FY2014, no thanks to operating costs of new businesses and provisions for staff related costs.

Omesti (fundamental: 1.05; valuation: 0.90) was picked up by The Edge Research today as a stock with momentum, showing negative price momentum.

According to theedgemarkets.com, the likelihood of corporate exercise for Omesti is high.

(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.)