Wednesday, 25 April 2012

Ramunia actively traded, audited net loss widens

KUALA LUMPUR (April 25) : RAMUNIA HOLDINGS BHD [] rose as much as 3.8% on Wednesday morning, placing shares of the oil and gas structure fabricator among the most actively traded across the exchange.

Ramunia shares added 1.5 sen to 41.5 sen before trading lower at 40.5 sen at 10.28am with some 16 million shares done.

The reasons for the stock’s trading dynamics are unclear for now. However, it is worth noting that the company which plans to change its name to TH Heavy Engineering Bhd, had last Monday restated its net loss for financial year ended December 31, 2011.

Ramunia said its audited net loss widened to RM11.44 million versus the unaudited net loss of RM9.73 million reported earlier.

“The variation was due to the adjustment made to the accounts for the crystallisation of a contingent liability, for which, a consent judgement was entered into before the adoption of the accounts by the board of directors on April 18, 2012,” Ramunia said.

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