Magna Prima's shares slide on 86.2% slump in Q2 net profit

PETALING JAYA: Magna Prima Bhd, whose net profit plunged 86.2% in the second quarter ended June 30, 2017, saw its share price fall 1.38% this morning.

At 10.31am, its share price was down 2 sen to RM1.43 with a total of 70,000 shares traded. Its shares fell one sen to close at RM1.45 on Friday, with some 197,000 shares changing hands.

The property developer's net profit fell 86.2% during the quarter to RM6.05 million from RM43.89 million a year ago due to the absence of fair value gain on investment property of RM49.2 million in the corresponding quarter. Revenue for the quarter rose 42.2% to RM31.11 million from RM21.88 million.

For the six months ended June 30, 2017, net profit fell 83.5% to RM8.15 million from RM49.44 million a year ago while revenue fell 12.2% to RM40.74 million from RM46.43 million a year ago.