Rimbunan Sawit Bhd (-ve)
SHARES in Rimbunan Sawit Bhd (fundamental: 0/3, valuation: 0.3/3) fell one sen or 2.94% to 33 sen yesterday, with 27.34 million shares traded or eight times the counter’s 200-day average of 3.24 million shares.
The stock made it into our Stocks with Momentum list for the seventh time this year.
Year to date, the plantation counter has gained 106% from 16 sen, as the market was expecting its financial performance to recover.
For the third quarter ended Sept 30, 2019 (3QFY19), it returned to the black after reporting losses for 11 straight quarters.
Its last reported quarterly profit was 3QFY16.
It posted a net profit of RM252,000 for 3QFY19 versus a net loss of RM14.93 million a year earlier due to plantation costs being sequestered and further rationalised.
Revenue for the quarter inched down 1.05% to RM80.55 million from RM81.4 million for 3QFY18.
For the cumulative nine-month period, net loss narrowed to RM27.81 million from RM40.75 million last year, while revenue fell 19.14% year-on-year to RM198.24 million against RM245.16 million.