With materials and energy sector stocks getting impacted by the falling crude oil prices and iron ore, some stocks closed in red along with the ASX. Three such stocks declining fast are as follows:
ATHENA RESOURCES LIMITED (ASX: AHN) – The company has recently announced an entitlement offer that seeks to raise a total of approximately $541,902 through the issue of up to a maximum of 54,190,197 new shares. The consolidated loss after income tax for the financial year was $193,552 and for that reason no divdend is there. As at 30 June 2018, the company cash reserves are of $39,086 which has increased from the previous year with no debt on hand. The total revenue from non-operating activities were of $240,000 as at June 30, 2018 as compared to the previous year revenue of $2,136. The stock traded at a market price of $0.012 with a daily percentage change of negative 25% as at November 26, 2018 which is near its 52-week low. It has undergone a performance change of an attractive 60.00% over the past one month.
METRO PERFORMANCE GLASS LIMITED (ASX: MPP) – The company has reported positive financials with revenue from ordinary activities down by 0.8% which amounts to NZ $140,520,000 and company reported a net profit of NZ $9,130,000 which is down by 22.4% on the previous corresponding period. The company’s performance is impacted by poor trading results in Australia with group revenue of $140.5m which is -1% change, EBIT of $15.5m which is -18% change and NPAT of $9.1m which is -22% change for the 1H FY 19. On the other hand, the Australian business delivered an EBIT loss of $1.3m vs. EBIT of $2.6m in 1H18 driven by operational challenges and the Tasmanian plant start-up. The company’s net debt increased by $1.3 million to $95.2 million which is 2.3x EBITDA. The stock traded at a market price of $0.390 with a daily percentage change of negative 27.778% as at November 26, 2018 which is near its 52-week low. It has undergone a performance change of a -28.00% over the past one month.
OCTANEX LIMITED (ASX: OXX) – Octanex had intended its 50% participation in OPSB to be a country-entry. The net loss of the consolidated entity for the financial year was $21,501,847 compared to 2017 loss of $4,800,07 in light of which no dividend was declared or paid during the year. As at June 30, 2018 i.e. the end of financial year the company has cash and cash equivalents of $1,331,845 which has decreased from the corresponding prior period. The Group has negative working capital of $210,638 as at 30 June 2018 as compared to 2017 positive working capital of $5,090,898. The group incurred a net cash outflow from operating and investing activities of $4,495,579, for the year ended 30 June 2018. The stock traded at a market price of $0.009 with a daily percentage change of negative 18.182% as at November 26, 2018 which is near its 52-week low. It has undergone a performance change of an attractive 57.14% over the past one month.
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