KUALA LUMPUR: Short selling in SAM Engineering & Equipment (M) Bhd's shares were suspended two hours into trading after it report 50 per cent lower net profit in the first quarter ended June 30, 2024 (Q1FY25).

Short selling will be activated tomorrow, September 3, at 08:30 am.

The company's share price dropped as much as 15.73 per cent or 87 sen in early trade to RM4.48 from its last closing price of RM5.35.

It was among the market's top losers.

As at 11am, the stock was down to RM4.58 a share giving it a market capitsalisation of RM3.1 billion.

Trading volume stood at 1.6 million. The company's net profit for the first quarter ended June 30, 2024 (Q1FY25) dropped 50.8 per cent to RM10.1 million versus RM20.53 million in Q1FY24 due to lower profit contribution from the equipment and aerospace segments of RM10.9 million and RM7.5 million respectively.

Revenue for the quarter under review dropped to RM333.41 million versus RM307.89 million a year ago.

https://www.nst.com.my/business/corporate/2024/09/1100061/short-selling-sam-engineering-shares-suspended-after-sharp-drop