Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 17): JAG Bhd fell some 6.45% this morning on profit taking, after it announced better second quarter results yesterday, while proposing an interim dividend.
 
JAG extracts copper from electronic components which it recycles. The company subsequently sells the metal on the open market.
 
“It’s a very clear-cut that it is [due to] profit taking,” said Inter-Pacific Securities Sdn Bhd senior remisier Sam Ng.
 
At 11.50am, the stock was down one sen or 6.45% to 14.5 sen, with a three months trading volume high of 64.06 million shares, for a market capitalisation of RM189.91 million. It is the most actively-traded counter on Bursa Malaysia. 

Over the past 12 months, the stock has surged about 77.78% from 9 sen on Aug 25, 2016.

JAG saw its net profit increase almost 10 times to RM2.51 million in the second quarter ended June 30, 2017 (2QFY17), from RM272,000 in 2QFY16, on higher revenue from its manufacturing and trading businesses.

The company registered quarterly revenue of RM36.69 million, up 66.58% from RM22.03 million.

The group has also proposed an interim dividend of 0.1 sen for the financial year ending Dec 31, 2017 (FY17), payable on Oct 6.

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