KUALA LUMPUR (March 1): Shares in China-based gourmet convenient food manufacturer HB Global Ltd rose as much as 100%, a one-year high, in active trading today after reporting a net profit in the fourth quarter ended Dec 31, 2017 (4QFY17) versus a net loss a year ago.

At 12.05pm, the stock was up 11.5 sen to 16 sen – the highest level from 4.5 sen on June 22, 2017, with 94.52 million shares traded, giving it a market capitalisation of RM37.44 million.

Earlier, HB Global opened at 9 sen, up one sen from its previous day closing price.

Over the past 12-months, the counter has gained about 88.89%.

Yesterday, the Practice Note 17 (PN17) company posted RM12.13 million net profit in 4QFY17, from a net loss of RM2.8 million in the previous year after the group ceased the duck farming segment in July 2016 and focused its resources on the profitable food processing segment.

Quarterly revenue grew 46.17% to RM44.02 million, from RM30.11 million on higher in sales of the frozen vegetable product.

For the full financial year ended Dec 31, 2017 (FY17), HB Global reported a net profit of RM13.99 million, from a net loss of RM16.05 million in FY16. Revenue came in 11.59% higher at RM104.48 million, against RM93.62 million.

HB Global fell into PN17 status in May 2013, after its external auditors made a disclaimer opinion on its audited financial statements for 2012.