Comintel Corp halts trading to amend erroneous Bursa Malaysia filing

PETALING JAYA: Comintel Corp Bhd halted trading for an hour in morning trade to amend an erroneous filing with Bursa Malaysia.
Trading was suspended between 9.19am and 10.19am. The stock hit a low of 25 sen, before closing 3.5 sen lower at 25.5 sen at the end of morning trade, with some 5.1 million shares changing hands.
The company mistakenly posted profits in its summary of key financial information, despite posting losses in its financial information statement which was attached to the filing with Bursa Malaysia on Friday.
The company posted a net loss of RM38.8 million for the fourth quarter ended January 31, 2018, compared with a net profit of RM4.8 million for the corresponding quarter ended January 31, 2018, largely due to one-time loss on disposal of subsidiary of RM14.0 million and lawsuit losses amounting to RM21.6 million.
This was on a 17.2% fall in revenue to RM88.2 million, compared with RM106.5 million in the previous year.
Net loss for the full year ended January 31, 2018 stood at RM33.0 million, compared with RM17.7 million for the same period ended January 31, 2017.
Revenue for the period was down 6.4% to RM382.2 million, compared with RM406.8 million for the period ended January 31, 2017.