LTH sells 3m Bahvest Resources as shares surge

In its filings with Bursa Malaysia, Yong Tai said its wholly-owned subsidiary YTB Impression Sdn Bhd terminated the deal due to non-fulfilment of the condition precedent as stated in clause 3.1(c) of the joint development agreement. Yong Tai fell half a sen to close at 32.5 sen yesterday.

KUALA LUMPUR: Bahvest Resources Bhd, whose share price had surged after returned to profitability, saw Lembaga Tabung Haji selling three million shares on March 8.

A filing with Bursa Malaysia showed after the sale of the stake in the agricuture and mining company, the pilgrimage fund still holds 77 million shares or 6.29%. 

Bahvest's total shares are 1.222 billion shares. The share price closed at 66.5 sen.

It staged a turnaround for its third quarter to Dec 31, 2018 with a net profit of RM1.09mil from a previous loss of RM2.87mil. Revenue increased almost five times to RM23.43mil from RM4.03mil previously. 

The better results were contributed by both the agriculture and mining segments.

Under the agriculture segment, the group recorded a revenue and gross profit of RM11.93mil and RM2.19mil respectively, which is a  substantial increase of 196.1% and of 103.53% from the previous corresponding period. 

Meanwhile, the mining operations recorded a revenue and gross profit of RM11.5mil and RM2.26mil. 

The sales revenue of RM11.497 million represents approximately 69.34 kgs of net gold sold during the quarter under review while 17.26 kgs of net gold was kept under inventories. 

“The group started extracting gold from top soil clearing in previous quarter ended Sep 30, 2018 and has yet to start drilling and mining of the sulphide and oxide rocks/ore at the identified mining site in current quarter. 

This explains the low production currently as the sulphide and oxide rocks are expected to have much higher gold content,” it said. 

Meanwhile for the nine month period, the company continues to be in the red although its losses are narrowing. Its net profit shrunk to RM3.07mil from losses of RM49.63mil in the same period of the previous year.  Revenue also increased to RM33.23mil from RM21.46mil.