Stock Downgraded: Interra Resources downgraded from Buy to Hold by Net Research!

Net Research has downgraded its rating for Interra Resources Ltd to "hold" from "buy" and lowered its fair value to 0.29 sgd after the company reported a net loss for the third quarter. The brokerage did not say what its previous fair value estimate was. "We do not foresee Interra to report positive earnings for the full year results in view of the 2.4 mln usd net loss sustained in third quarter 2006," Net Research said in a client note. The firm, which extracts crude oil from oil wells in Indonesia and Myanmar, said the loss was largely due to an impairment write-down of 8.8 mln usd in assets. "However, any subsequent reversal of impairment due to improvement in collection of receivables can favorably boost the earnings," the brokerage added. At 2.30 pm, Interra Resources was up 0.015 sgd or 5.09 pct at 0.31 with 1.36 mln shares traded.