This article first appeared in The Edge Financial Daily, on January 7, 2020.<\/p>\n
Icon Offshore Bhd (-ve)<\/p>\n
TRading of shares in Icon Offshore Bhd (fundamental: 0\/3, valuation: 0.3\/3), which closed half a sen or 9.09% higher at six sen yesterday, made it to our Stocks with Momentum list for the first time since early October 2018.<\/p>\n
At the closing bell, the offshore support vessel player recorded a total trading volume of 56.84 million shares, over 12 times than the average 4.64 million shares it recorded in the past 200 days. The loss-making company aims to turn profitable by the 1Q of this year if its shareholders back its cash call exercise aimed at slashing its debt by over a third, to help strengthen its balance sheet, according to managing director Datuk Seri Hadian Hashim.<\/p>\n
Hadian said the focus will then shift to rejigging its business model, while squeezing efficiencies to stay competitive.<\/p>\n
In its FY18, Icon Offshore impaired RM419.9 million of its fleets net book value. That led to a net loss of RM449 million on a revenue of RM199.7 million, its biggest full-year loss amid record low revenue. The group has an order book of RM650 million.<\/p>\n
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Stock With Momentum: Icon Offshore - The Edge Markets MY<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" This article first appeared in The Edge Financial Daily, on January 7, 2020. Continue reading