Steel players Perwaja and Kinsteel were also in the red. Perwaja posted RM56.4 million net loss in the first quarter ended March 31 versus net profit of RM75.22 million a year ago mainly due to the contraction in demand for steel and prices globally.
Kinsteel was also in the red with net loss of RM34.76 million against net profit of RM61.62 million a year ago.
Malaysian Pacific Industries Bhd (MPI) posted net loss of RM53.85 million in the third quarter ended March 31, 2009 due to the worsening economy. Revenue fell to RM201.33 million from RM363.28 million a year ago. Despite the losses, it declared dividend of 10 sen per share.
Axiata could also be in focus ahead of the release of its results. CIMB Equities research upgraded Axiata from Neutral to Outperform in view of the telco's recapitalisation which lifts a key concern, its share price plunge and its positive view of Celcom and Idea.
Meanwhile, construction player Ahmad Zaki Resources Bhd (AZRB) had accepted a RM185.63 million project in Saudi Arabia to build reinforced concrete structures for Tower H1-A at the Jabal Omar development in Mecca. Work is expected to be completed 18 months from the date of acceptance in November 2010.
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