At 9.32am, the shares fell 12.5 sen to 50 sen with 23.7 million shares done. Its warrants, K1-WB plunged 11.5 sen to 26.5 sen with 17.8 million units done.
The FBM KLCI fell 1.91 points or 0.11% to 1,753.14. Turnover was 309.63 million shares valued at RH120.05mil. There were 173 gainers, 171 losers and 198 counters unchanged.
In the Q1, FY15, its earnings fell to RM520,000 from RM3.24mil a year ago. Revenue was also lower at RM32.62mil compared with RM45.88mil.
The group’s business, being predominantly export in nature and caters largely for the consumer electronics market, is subject to seasonal fluctuations.
K-One said the weaker earnings were due to sales price reduction given for various product lines which were going end of life resulting in margin compression for these product lines.
Another factor was increased costs resulting from the development of numerous prototypes and samples to pitch for new business expected for potential launch in the subsequent quarters.
It also said there was difference in product mix in the current quarter as compared to the same last year, with the current quarter’s product mix yielding an overall lower margin.
K1 (0111) - K-One Technology skids in heavy trade
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