Midas reports a Q1-2013 loss of RMB4.9mn compared to a profit of RMB15.3mn in Q1-2012 on a 12.1% fall in revenue...... Wednesday, 15 May, 2013 8:44 AM
Posted by Kevin Scully
...Posted by Kevin Scully
Midas released its Q1-2013 results which showed a 12.1% fall in revenue to RMB202.1mn with a net loss of RMB4.9mn from a profit of RMB15.3mn in Q1-2012.
Midas issued a profit warning one/two days before the release of the results which has already seen the share fall from S$0.50 to about S$0.45 yesterday.
I still like the stock but will confirm my view on Midas after my meeting with management tomorrow because there has been no change in the reasons behind my recommendation which are also reflected in Midas' forward looking statement which can be found in item 10 of their Q1-2013 results which I have reproduced below:
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