Source: The Edge
Tatt Giap Group Bhd, whose share price had a roller coaster ride lately, announced its net loss narrowed by 21.9% to RM1.95 million for its second quarter ended Nov 30, 2018 from RM2.5 million a year ago.
Quarterly revenue, however, declined by 69.3% to RM5.23 million from RM17.66 million in the previous corresponding quarter.
For the six-month period ended Nov 30 (6MFY19), the group posted a cumulative loss of RM4.96 million, an increase of 242.87% from 6MFY18’s net loss of RM3.47 million. Its revenue for the period also decreased by 73.62% from RM39.59 million in the same period in 2017 to RM10.44 million.
The group attributed the drops in both cumulative and quarterly revenue to the deconsolidation of the financial results of Tatt Giap Steel Centre Sdn Bhd (TGSC) upon conclusion of its disposal of 41% equity interest in TGSC on Feb 23 2018, as well as a drop in local and export sales under its steel segment.
Hong Kong-based Arich Holdings Inc has ceased to be a substantial shareholder in the group after disposing of its entire 13.89% or 23.69 million share stake in the group.
Tatt Giap’s share price more than doubled to a high of 37.5 sen on Jan 7 from the low of 15 sen on Nov 30 last year. Soon after, it lost its ground. It closed at 10 sen today, giving it a market capitalisation of RM28.11 million.