Minetech Resources Bhd (-ve)
TRADING of shares in Minetech Resources Bhd (fundamental: 0.55/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the third time this year.
The counter gained one sen to close at 8.5 sen, after 7.43 million shares were transacted, 12 times more than its 200-day average volume of 577,780 shares.
The Main Market-listed quarry network operator’s net loss for the first quarter ended June 30, 2019 widened to RM1.22 million from RM984,000 a year ago as revenue dropped 16.08% year-on-year to RM28.17 million from RM33.56 million.
On prospects, the group said the business will continue to be challenging due to uncertain market conditions, both locally and globally.
It said its civil engineering segment should remain satisfactory in the remaining financial year with the expected implementation of government-planned projects. Its bituminous product segment, it added, will remain competitive, but cost rationalisation and operational efficiency will ensure positive operating results.