KUALA LUMPUR: Nationgate Holdings Bhd's share price fell 36 sen, or a one month low of RM1.99 today, suspending intra-day short-selling for the stock.
Heavy selling pushed the stock lower following a rally since early October which saw the stock add on more than 60 sen to the stock.
Earlier it settled 10 per cent down to RM2.09 a share, giving it a market capitalisation of RM4.8 billion.
This came after the company announced that net profit for the third quarter ended Sep 30, 2024 more than doubled to RM46.6 million on higher demand from the data computing segment.
It explained however that gross profit margin for the data computing segment fell, due significant key components cost.
The group recorded a more than eight fold jump in revenue of RM1.4 billion for the quarter, compared with RM165.6 million for the same quarter in 2023.
Net profit for the nine-month period ended Sep 30, 2024 jumped almost more than doubled to RM111.9 million, compared with RM44.9 million for the same period a year ago.
This was on a more than four fold jump in revenue to RM2.2 billion for the period.