Cymao said it plans to explore new business opportunities to reduce its reliance on the plywood business. Whilst the group will continue with its plywood business, the group intends to secure more construction-related contracts in the future, it said in an exchange filing today.
Loss-making Cymao expects the construction business to contribute to more than 25% of its net profit in the future.
The group recorded a net loss of RM1.58 million with a revenue of RM28.95 million for the financial year ended Dec 31, 2017 (FY17).
For FY18, it posted a net loss of RM1.34 million on revenue of RM17.57 million, and for FY19, it registered a net loss of RM4.78 million on revenue of RM11.91 million.
KUALA LUMPUR (Dec 18): theedgemarkets.com
highlighted 16 stocks with momentum at the afternoon close on Bursa Malaysia today. Two stock displayed positive momentum, while 14 showed negative momentum.
The stocks with positive momentum were:
MNC Wireless Bhd – up half a sen at 5.5 sen
Ralco Corp Bhd – up nine sen at RM1.04
The stocks with negative momentum were:
Berjaya Assets Bhd – up half a sen at 32.5 sen
Cheetah Holdings Bhd – up 10 sen at 69 sen
Cymao Holdings Bhd – up three sen at 93 sen
Eastland Equity Bhd – up one sen at 14.5 sen
GUH Holdings Bhd – up half a sen at 41 sen
Handal Energy Bhd – down 1.5 sen at 25.5 sen
KUALA LUMPUR: Cymao Holdings Bhd is in the final stage of discussion with several parties for a potential new business as the current plywood business will remain challenging.
KUALA LUMPUR (Dec 10): Cymao Holdings Bhd said today the group is in the final stage of discussion with several parties on a potential new viable business venture to reduce the plywood maker s reliance on its core business.
In its filing with Bursa Malaysia today, Cymao said that in light of the plywood industry remaining challenging, the group has been exploring new business opportunities to expand its core business or diversify its businesses to reduce reliance on the existing core business as well as to expand the company s earnings base. The management of Cymao is of the view that this new business venture could potentially improve the financial performance of the Cymao Group, the company said.