IWCity falls after co says 1Q net loss widened

KUALA LUMPUR (June 1): Iskandar Waterfront City Bhd (IWCity) shares fell as much as seven sen or 4% after the property developer said first quarter net loss widened to RM56.46 million from a year earlier.

Yesterday, IWCity said net loss widened to RM56.46 million in the first quarter ended March 31, 2017 (1QFY17) from a net loss of RM4.8 million.

Revenue was, however, higher at RM13.65 million compared to RM8 million. The company's latest reported net assets per share stood at 96 sen.

Today, IWCity shares fell to their lowest so far at RM1.60.

At 10:20am, the stock pared losses at RM1.64 for a market value of RM1.4 billion.

IWCity saw some 12 million shares traded, making the stock Bursa Malaysia's 10th most-active entity. — theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.