Dayang shares slump 5% despite stellar Q3 results

KUALA LUMPUR: Shares in Dayang Enterprise Holdings Bhd fell by almost 6% this morning despite posting a stellar third quarter results and securing Turkmenistan job.

The counter, one of the most heavily traded counters, fell 5.71%, or four sen to 66 sen, with 5.56 million shares traded.

Dayang saw its net profit for the third quarter ended Sept 30, 2018 (3QFY18) surge more than 43 times to RM48.75mil from RM1.12mil a year ago, mainly due to higher volume of work orders, impairment loss and foreign exchange gains.

Its pretax profit during the quarter was RM67.7mil versus RM14.8mil in 3Q17 after taking into account impairment loss of RM5.8mil on property, plant and equipment and net realised/unrealised foreign exchange gain of RM14.2mil.

Dayang has won its first overseas contract for the maintenance of offshore facilities in the oil and gas (O&G) industry in Turkmenistan in central Asia.

Wholly owned Dayang Enterprise Sdn Bhd secured the three-year contract for the provision of facilities maintenance support for Petronas Carigali (Turkmenistan) Sdn Bhd, which will be undertaken with its local partner Gujurly Inzener via a joint-venture company.

The contract, effective Jan 1, 2019, has an option to be extended for one year.

Stock on the Move , Dayang