Pineapple Resources Bhd (-ve)

 
TRADING of shares in computer hardware and peripherals distributor Pineapple Resources Bhd (fundamental: 1.8/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the second time this year.

The counter closed up seven sen or 13.72% at 58 sen yesterday, after 828,800 shares were traded, exceeding its 200-day average volume of 8,828 shares.

For its second financial quarter ended June 30, 2018 (2QFY18), Pineapple Resources reported a net loss of RM158,000, versus a net profit of RM38,000 a year ago, on lower gross profit margins as a result of discounts given to boost sales. Revenue slipped 1.6% to RM12.4 million from RM12.6 million in 2QFY17.

The group said its strategy to focus on expanding sales in hypermarkets and online is showing an improvement in its performance for the year. It plans to add human resources to the e-business department to increase sales.