Teck Guan falls 24% on 2Q loss

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KUALA LUMPUR (Sept 29): Teck Guan Perdana Bhd fell as much as 24% after the cocoa and oil palm plantation firm reported a second quarter loss, versus profit a year earlier.  

Shares of Teck Guan fell as much as 36 sen to RM1.14, before reducing losses. At 2.58pm, the third largest decliner on Bursa Malaysia changed hands at RM1.18, with 250,000 shares traded.

For comparison, the FBM KLCI gained 2.21 points or 0.12%.

Last Friday,Teck Guan reported a net loss of RM1.86 million for the second quarter ended July 31, 2014, from a net profit of RM1.26 million in the previous corresponding quarter.

Revenue was however 13% higher at RM45.69 million, compared to RM40.56 million.

According to Gan Kay Chong, senior remisier at SJ Securities Sdn Bhd, investors have sold Teck Guan shares, largely in response to its financial results announcement.

“There’s been a downtrend in Teck Guan’s share price since July 08. However, some buying since Sept 17 had caused it to experience a surge to RM1.50 last Friday, before falling after the financial results were announced,” Goh said.