Quick take: Dayang shares continue to fall on active trading

KUALA LUMPUR: Share price of Dayang Enterprise Holdings Bhd fell in active trade following its latest corporate news.

The oil and gas support services company fell 1.09%, or one sen to 91 sen. Dayang is the fifth most active stocks with a turnover of over seven million shares.

Dayang said it has won a contract to provide procurement, construction, installation, hook-up and commissioning services for Roc Oil (Sarawak) Sdn Bhd.

The services will be provided under Roc’s Siprod (Simultaneous Production and Drilling) and Infill Drilling Campaign from 2019 to 2023.

The value of the contract is based on work orders issued by Roc Oil throughout the four-year contract duration, with an option to extend for another one year, the company said in a filing with the local bourse today.

Dayang said the contract — awarded to its wholly-owned subsidiary Dayang Enterprise Sdn Bhd — will also include other work and services generally related to the scope of works in the contract, at a fixed schedule of rates.

Earlier, Dayang reported it managed to reduce its net losses in the first quarter ended March 31, 2019 as work orders picked up and it expects to perform better with an order book of nearly RM3bil and firm oil prices.

Its net losses were RM4.13mil compared with RM21.30mil a year ago. Revenue rose by 0.5% to RM156.41mil from RM148.78mil. It said loss before tax narrowed to RM8.50mil versus RM36mil a year ago.

Stock on the Move , Dayang