So why did IFCA, a business software solutions company specialising in the property industry, suffer these losses? IFCA group chief operating officer Leong Nyu Kuan said that in the first half of the current financial year, Indonesian operations had contributed positively, while China recorded marginal growth. He, however, said that Malaysia performed badly largely due to the country’s political and economic conditions.

PETALING JAYA: IFCA MSC Bhd, a software services provider whose share price had skyrocketed by more than 1,000% last year, disappointed the market with a loss of RM5mil for its six months ended June 30.

The slide led to CIMB Research analyst Nigel Foo slashing his target price for the stock to 55 sen from RM1.19 previously. CIMB Research had initiated coverage on IFCA back on Nov 5, 2014 and as at August 2015 had pegged a target price as high as RM2.04 for it.

The research house had projected a net profit of RM12.1mil for the full year. It has now slashed its earnings per share forecast for the financial year 2016 (FY16) to FY18.

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