Eastland Equity Bhd (-ve)
SHARES in Eastland Equity Bhd (fundamental: 0.35/3, valuation: 0.9/3), which triggered our proprietary algorithm yesterday for the fifth time this year, closed 2.5 sen or 12.82% higher at 22 sen.
The stock saw 19.5 million shares traded, versus the counter’s 200-day average volume of 1.46 million shares.
Eastland’s net loss more than doubled year-on-year (y-o-y) to RM1.95 million from RM897,000 in its fourth quarter ended Dec 31, 2017 (4QFY17), due to higher operating losses and lower revenue across its investment property, hospitality and property segments. Quarterly revenue fell 62% y-o-y to RM1.97 million from RM5.2 million.
For the full FY17, Eastland’s net loss expanded 66% y-o-y to RM7.95 million from RM4.78 million, while revenue declined 27% y-o-y to RM17.74 million from RM24.16 million.