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Categories
| ICapital.Biz posts RM11.6m net loss in 4Q |
| Written by Joy Lee | |||
| Friday, 26 June 2009 11:52 | |||
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In contrast, it reported a net profit of RM1.70 million on the back of RM3.69 million revenue for the previous corresponding period. Its poor performance was mainly due to losses from selling shares of Axiata Group Bhd (formerly TM International Bhd) in 4Q, ICapital.Biz said in notes accompanying its financial results yesterday. It sold off all its Axiata shares and invested in Astro All Asia Networks plc instead. ICapital.Biz’s net asset per share rose to RM1.42 from RM1.37 but its net asset value (NAV) declined by 9% to RM1.77 from RM1.95. “As the company is a close-end fund, a better indication of its performance would be the movement of its NAV,” said ICapital.Biz. Basic loss per share stood at 8.29 sen versus basic earnings per share of 1.21 sen in FY08. No dividend was declared for the quarter. For the full year, ICapital.Biz’s net profit plunged 84% to RM6.27 million from RM39.08 million. Revenue fell 75% to RM11.41 million from RM45.67 million previously. Cash and cash equivalents for FY09 halved to RM37.44 million from RM61.23 million. The company said its prospects were dependent on the performance of the stock markets, particularly where its investments were held. Although the local stock market had rallied in recent months, it said the rise had lagged that of other markets. This article appeared in The Edge Financial Daily, June 26, 2009.
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