by M. JAY SHEILA

PENNY stock Talam Transform Bhd’s stock price was the sixth most actively traded on the local stock exchange, with close to 40 million shares exchanging hands at 12.30pm. 

The property developer counter was up 0.5 sen or 25% to 2.5 sen. 

In an exchange filing on Aug 25, Talam Transform posted a net loss of RM1.8 million for the first quarter ended June 30, 2023 (1Q24), compared to a net loss of RM6.6 million in the same period last year.

Revenue in the same period jumped 93% to RM22.2 million compared to RM11.5 million for the same period last year.

The group made a gross profit from operations amounting to RM5.36 million, an improvement from RM1.13 million for the corresponding period last year, the main contribution being RM3.27 million from sale of a piece of vacant land for RM3.84 million, it said.

Moving forward, Talam Transform’s joint venture projects are on-going albeit at a slow pace due to the soft property market.

In addition, Talam Transform said it had submitted its new development plans on various parcels of land, some of which had already been approved by the relevant authorities and its new project in Putra Perdana is targeted to commence during FY24.

However, Talam Transform is cautiously reassessing the take-up rate due to the weak property market, tight liquidity of potential buyers and tough bank lending policies especially to the B40 category, it said.

Its largest shareholders are non-independent and non-executive director Tan Sri Chan Ah Chye with a 23.46% stake, Jejak Progresif Sdn Bhd (5.35%) and Teo Siew Lai (4.09%). It has a market capitalisation of RM107.4 million.