Investor uncertainty after a dismal financial report has pushed Farm Fresh Bhd's shares lower below the initial public offering (IPO) price of RM1.35.
As of 12 noon, Farm Fresh shares fell 13.45% to trade at RM1.03 with a trading volume of RM31.07 million after a continuous decline since Friday.
The price dropped below RM1.00 for a while for the first time before bouncing back.
Investors seem to still lack confidence in the company, following a 73% decline in its net profit in the 2023 financial year from RM79.89 million to RM50.08 million.
It follows an increase in input costs, including key dairy raw materials, high labor, agricultural and energy costs.
Farm Fresh Bhd made its first appearance on Bursa Malaysia with an outstanding performance that raised its price to RM1.86 from its IPO of RM1.35.
