Gadang top decliner on 1Q profit, revenue drop

KUALA LUMPUR (Oct 28): Gadang Holdings Bhd fell 40 sen or 12% after the builder reported that first quarter net profit dropped 20% from a year earlier.

At 12:30pm, Gadang shares settled at RM2.89 to become Bursa Malaysia's top decliner. The stock saw some 24 million shares transacted.

Yesterday, Gadang told Bursa Malaysia that net profit fell to RM16.7 million in the first quarter ended Aug 31, 2016 from RM20.86 million.

Revenue was lower at RM104.6 million versus RM149.38 million. — theedgemarkets.com