Silver Ridge Holdings Bhd (-ve)
TRADING of shares in Silver Ridge Holdings Bhd (fundamental: 0.95/3, valuation: 0/3) triggered our momentum algorithm yesterday for the first time this year.
The counter settled half a sen or 1.35% higher at 37.5 sen, with 3.89 million shares done, over three times its 200-day average volume of 1.19 million shares. Year to date, the counter has risen 29.3% from 29 sen on Dec 31 last year. The group is principally involved in the provision of IT products and services.
On Feb 26, the group reported a net profit of RM46,000 for its second quarter ended Dec 31, 2019 versus a net loss of RM1.27 million a year ago, following some downsizing and cost reduction measures implemented.
Revenue for the quarter, however, sank 46.96% to RM3 million from RM5.63 million, due to the lower recognition value of certain completed projects in hand, and no new substantial contracts being executed during the quarter. For the cumulative six months ended Dec 31, 2019 (1HFY20), its net loss shrank to RM1.72 million from RM2.21 million for 1HFY19, as revenue fell 48.52% to RM4.6 million from RM8.94 million a year ago.