Why did IFCA MSC suffer losses leading to shares being downgraded?

So why did IFCA, a business software solutions company specialising in the property industry, suffer these losses? IFCA group chief operating officer Leong Nyu Kuan said that in the first half of the current financial year, Indonesian operations had contributed positively, while China recorded marginal growth. He, however, said that Malaysia performed badly largely due to the country

PETALING JAYA: IFCA MSC Bhd, a software services provider whose share price had skyrocketed by more than 1,000% last year, disappointed the market with a loss of RM5mil for its six months ended June 30.

The slide led to CIMB Research analyst Nigel Foo slashing his target price for the stock to 55 sen from RM1.19 previously. CIMB Research had initiated coverage on IFCA back on Nov 5, 2014 and as at August 2015 had pegged a target price as high as RM2.04 for it.