QL Resources Bhd (+ve)
SHARES in agro-food producer QL Resources Bhd (fundamental: 1.1/3, valuation: 0.7/3) triggered our stocks with momentum algorithm last Thursday for the first time this year.
The stock closed 20 sen or 5% higher at RM4.20, with about 2.2 million shares done versus the counter’s 200-day average of 517,910 shares. For the second quarter ended Sept 30, 2017 (2QFY18), the group posted a net profit of RM59.8 million, up 18.4% from RM50.5 million in the previous year’s corresponding quarter, as revenue grew 10.9% to RM808.9 million from RM729.7 million.
The group said both its palm oil activities and integrated livestock farming segments saw higher sales and earnings for the quarter under review, compared with the same quarter a year ago.
For the first half of FY18 (1HFY18), net profit for the group stood at RM102.02 million, 10.1% higher compared with RM92.65 million a year ago.Cumulative revenue, meanwhile, went up 13.4% to RM1.59 billion, from RM1.4 billion in 1HFY17.