Stock With Momentum: MClean Technologies

TheEdge Tue, Feb 04, 2020 10:37am - 4 years View Original

MClean Technologies Bhd (-ve)

TRADING of shares of MClean Technologies Bhd (fundamental: 0.95/3, valuation: 0/3) triggered our momentum algorithm yesterday for the sixth time this year.

The precision cleaning and surface treatment service provider’s stocks closed 3.39% or one sen higher at 30.5 sen, after 28.78 million shares were traded, almost 10 times its 200-day average trading volume of 2.89 million shares.

For the third quarter ended Sept 30, 2019, the group’s net profit swelled 81.36% to RM107,000 from RM59,000.

This was despite quarterly revenue declining by 13.5% to RM15.77 million from RM18.23 million, following a lower contribution from its surface treatment services.

For the nine months ended Sept 30, 2019, the group’s net loss widened to RM2.69 million, from RM1.19 million, as revenue fell 17.83% to RM42.68 million from RM51.94 million.

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