KUALA LUMPUR (Dec 21): Thanks to higher revenue and other income, Teck Guan Perdana Bhd’s net profit for the third financial quarter ended Oct 31, 2016 (3QFY17) rose 33.8% to RM3 million or 7.47 sen a share, from RM2.24 million or 5.59 sen a share a year earlier.

Revenue shot up by 91.6% to RM92.9 million from RM48.89 million, mainly contributed by increased selling prices and sales volume.

In a filing with the bourse, the group said net profit for the cumulative first nine months of FY17 (9MFY17) increased 39% to RM10.66 million or RM26.59 per share, from RM7.67 million or RM19.13 a share in 9MFY16.

Revenue rose 71.5% to RM289.52 million from RM168.78 million in 9MFY16.

No dividend has been declared for the financial quarter under review.

On outlook, the group said it remains “cautiously optimistic” on the prospects of the palm-based business and will continue to focus on cost and operating efficiency as current palm oil prices remain resilient.

“The current palm oil prices remain resilient bolstered by concerns of low stock levels. The board is cautiously optimistic on the prospects of the palm-based business and the management will continue to focus on the cost and operating efficiency of the group for the remaining period of this financial year,” it said.

Teck Guan’s share price closed unchanged at RM2.77, with a market capitalisation of RM111.07 million.