KUALA LUMPUR: Shares of Zelan fell in early trade on Monday, Nov 22 after it reported wider losses in the second quarter ended Sept 30, 2010 following cost overruns at its overseas projects.

At 9.02am, it was down 2.5 sen to 64 sen with 632,400 shares done.

The FBM KLCI was up 1.14 points to 1,507.19. Turnover was 24.9 million shares valued at RM14.87 million. There were 106 gainers, 25 losers and 60 stocks unchanged.

Zelan reported last Friday 2Q net loss was worse than the net loss of RM13.85 million a year ago. Revenue fell sharply to only RM30.70 million, down 91.3% from RM351.79 million. Loss per share was 6.23 sen compared with 2.45 sen.  This was due to lower contributions from the overseas projects of the engineering and CONSTRUCTION [] business unit.