KUALA LUMPUR (May 25): IFCA MSC Bhd fell as much as 16% during today’s morning trade session today.Interpacific Securities Sdn Bhd remisier Sam Ng attributed the drop to the group’s announcement of its chief financial officer's (CFO) resignation, despite the group posting a huge surge in net profit of over 2,200% (from RM0.42 million in 1Q14 to RM9.69 million in 1Q15 ended 31 March 2015).
Revenue also jumped 133.63% to RM31.98 million from RM13.69 million a year before.
“The CFO is a key person. They just announced such a good profit. Why is he suddenly resigning? That’s the main reason. It’s a bit suspicious. The directors have to sit for clarification on this,” he said.
As at 11.25am, IFCA dropped 19 sen or 11.73% to RM1.43, making it the fourth largest decliner and third most active with about 30.88 million shares traded.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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