KUALA LUMPUR (Sept 21): Dayang Enterprise Holdings Bhd's share price dropped below RM1 today for the first time since November last year.

The oil and gas counter opened two sen lower at 99 sen and continued to fall in afternoon trading.

At 3.45pm, Dayang was down 12 sen or 11.88% to 89 sen, giving the group a market capitalisation of RM1.03 billion.

The stock saw 16.58 million shares change hands.

Since the beginning of the year, the counter has fallen by 24.58% from a peak of RM1.65.

Notably, the selling pressure on the stock has been fuelled by the group's financial performance for its second quarter.

The group recently reported that its net loss widened to RM21.89 million for the second quarter ended June 30, 2021, from RM985,000 a year ago, due to higher operating costs amid the pandemic.

Quarterly revenue fell 6.59% to RM159.69 million from RM170.95 million as vessel utilisation declined to 51% from 52%.

For the first half ended June 30, 2021, the group fell into the red with a cumulative net loss of RM49.43 million, from a net profit of RM8.34 million a year earlier, while cumulative revenue fell 28.94% to RM243.75 million from RM343 million.

According to the group's website, Dayang provides offshore topside maintenance services, minor fabrication works and offshore hook-up and commissioning services for oil and gas companies. It also offers chartering of marine vessels, and equipment hire operation.