If you are so lucky and selected for Vastalux IPO, I think now you cry also no tears.
Written by Joseph Chin
Friday, 04 December 2009 11:11
KUALA LUMPUR: VASTALUX ENERGY BHD []'s share price fell to its lowest of 19.5 sen, the lowest since it was listed in September 2008 after the oil and gas field services provider reported net losses.
At 11am, the share price was down 1.5 sen to 20 sen, of the earlier low of 19.5 sen. There were 10.6 million shares transacted.
In the third quarter ended Sept 30, it posted net losses of RM17.72 million, a stark contrast from the net profit of RM7.25 million a year ago.
According to the 3Q statement, Vastalux reported that amounts due from customers were a hefty RM163 million while trade receivables were RM69.7 million. Its revenue was RM32.13 million but cost of sales was RM51.42 million.
Vastalux was listed on Sept 12 last year and it sold its shares for 75 sen each under the initial public offering, according to Bloomberg.
