This article first appeared in The Edge Financial Daily on April 18, 2018

Ire-Tex Corp Bhd (-ve)

SHARES in Ire-Tex Corp Bhd (fundamental: 0/3, valuation: 0.9/3) triggered our stocks with momentum algorithm yesterday for the second time this year.

The stock closed 5.41% or one sen higher at 19.5 sen yesterday, with 23.92 million shares done versus the counter’s 200-day average of 927,327 shares. The group is a packaging solution provider, involved in the design, testing and manufacturing of a range of polymer-based protective packaging products.

For the fourth quarter ended Dec 31, 2017, the group reported a net loss of RM8.89 million versus a net loss of RM17.73 million in the corresponding previous year on losses incurred in its manufacturing division coupled with an increase in raw material costs. Revenue fell 70% to RM9.64 million from RM32.1 million a year ago.

For the full year, the group reported a net loss of RM17.26 million versus a net loss of RM27.51 million in the previous year, while revenue fell 56% to RM58.58 million from RM133.65 million a year ago.