Patimas upgrades to KLSE Main Board
Staff
The New Straits Times-22/12/01
HARDWARE distributor and solution provider Patimas Computers yesterday upgraded itself to the KLSE Main Board from the Second Board.
SAT: HARDWARE distributor and solution provider Patimas Computers yesterday upgraded itself to the KLSE Main Board from the Second Board.
Patimas, which closed at RM2.56 the day before, opened one sen higher at RM2.57 after the transfer.
Its loan stock rose two sen to 75 sen while its warrants went up by half a sen to 85.5 sen.
Its executive director Ng Back Heang said the company had raised its paid-up capital to RM60 million from RM40 million via a bonus and rights issue completed in February. The system integrator, which previously focused on developing software and selling solutions, recently diversified into distributing hardware as well, Ng told a Press conference after the transfer of listing in Kuala Lumpur.
The company is a distributor for leading hardware brands, including Sun Microsystems and Oracle as well as reseller for IBM.
"We are looking at expanding our previously selective customer base by going into distribution," said Ng, adding that most of their customers were stockbroking firms.
For the third quarter ended Sept 30, 2001, Patimas posted a lower net profit of RM1.1 million compared with RM2.1 million in the same period last year. For the first nine months of this year, its net profit dropped to RM3.2 million from RM7.6 million previously. Meanwhile, an analyst from a local stockbroking firm said the technology sector could expect some improvement next year if the much talked about recovery of the US market happens in the second quarter.
Poor consumer sentiments and poor returns from e-commerce ventures have caused many frims to defer their spending on new systems and ungrading of systems, he said, adding that for most firms, containing their capital expenditure tops their list of priority. Patimas traded at a high of RM2.58 yesterday before closing at RM2.53, down three sen.
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