September 22, 2021

Dayang Shares Annoyed Investors, Falling Below RM1

 Dayang Enterprise Holdings Bhd's share price showed a drastic decline to trade below the RM1 level where the last time it broke that level was in November 2020.

At 11.21am, the counter rose slightly by 1.10% to 92 sen with a market capitalization of RM1.06 billion.

To date, Dayang shares have declined 24.58% from a March high of around RM1.65 following selling pressure on shares affected by the group's financial performance in the second quarter.

Judging by the stated statement, Dayang Enterprise is a company that provides shipboard maintenance services, ship rental and so on.

Recently, the group released a report that its net loss jumped to RM21.89 million for the second quarter ended June 30, 2021 from RM985,000 last year.

The increase in net loss is likely to be influenced by higher operating costs at the current Covid-19 pandemic situation.

Meanwhile, quarterly revenue declined by 6.59% to RM159.69 million from RM170.95 million due to the use of ships which was seen declining to 51%.