KUALA LUMPUR (Dec 2): Shares of Advance Synergy Bhd, which is perceived to be linked to Prime Minister Datuk Seri Anwar Ibrahim, engaged in active trade on Friday's (Dec 2) morning session and rose 11.43% or two sen to 19.5 sen.

Advance Synergy became the most active stock on Bursa after it saw 190 million shares change hands before the noon break, trading between 17.5 sen and 20 sen, despite the company reporting a straight third quarter of net loss on Tuesday (Nov 29).

In a Bursa Malaysia filing, the group said it made a net loss of RM6.52 million for its third quarter ended Sept 30, 2022 (3QFY2022) on the back of RM64.35 million revenue. For the cumulative nine months ended Sept 30, 2022 (9MFY2022), Advance Synergy recorded a net loss of RM19.24 million with RM153.6 million in revenue.

According to the group's review, it said that operating expenses increased to RM57.5 million in 9MFY2022 from RM53.8 million in 9MFY2021 due to higher administrative expenses.

"The flow-down effect of the higher revenue was partly offset by lower gross profit margin, higher operating expenses and finance cost resulting in the group recording lower loss before tax of RM18.9 million in 9MFY2022 compared to loss before tax of RM21.4 million in 9MFY2021, an improvement of RM2.5 million," Advance Synergy said.

The company is involved in various service businesses including hotels and resorts, information and communications technology, property development, travel and tours, card and payment services, and education.

As of Sept 30, Advance Synergy had total current assets amounting to RM250.66 million and total current liabilities amounting to RM127.89 million.

Year-to-date, the company's shares have jumped 116.67% or 11 sen from nine sen. Advance Synergy's highest share price in 2022 was 26 sen recorded on Nov 24, the day when Anwar was officially appointed as Malaysia's 10th prime minister. At that time, the stock was heavily traded at a volume of 1.92 billion.