Sealink International Bhd (-ve)
TRADING of shares in Sealink International Bhd (fundamental: 0.4/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the fifth time this year.
The stock closed 1.5 sen or 6.38% higher at 25 sen, with 20.09 million shares done, compared with the 200-day average trading volume of 1.5 million shares.
For the first quarter ended March 31, 2019 (1QFY19), the group narrowed its net loss to RM9.53 million from RM11.16 million in the previous year, on lower expenses and cost of sales. This was despite revenue falling 27% to RM7.04 million from RM9.62 million, as revenue for the chartering division declined to RM6.5 million from RM9.4 million, mainly due to a lower vessel utilisation.
The group believes the steady oil price recovery in recent months has led to an increase of activities in the offshore segment, which it expects to boost the number of projects approved.