Thursday 28 Mar 2024
By
main news image

This article first appeared in The Edge Financial Daily on August 20, 2018

Far East Holdings Bhd (-ve)
TRADING of shares in Far East Holdings Bhd (fundamental: 2.7/3; valuation: 0.5/3) triggered our momentum algorithm last Friday for the second time this year.

The group, which fell 18 sen or 5.3% to close at RM3.20 with a market capitalisation of RM1.9 billion, saw 143,900 shares traded, compared to its 200-day average of 5,297.5 shares.

Far East’s net profit rose 5% year-on-year to RM10.52 million for the second financial quarter ended June 30, from RM10.04 million a year ago, despite revenue falling 4.9% to RM96.12 million from RM101.09 million.

For the first half of financial year 2018 (1HFY18), the group’s net profit declined 8.5% y-o-y to RM33.07 million from RM36.16 million, which the group attributed to lower crude palm oil and palm kernel selling prices. Estate expenditure was also higher due to an increase in harvesting cost and general charge expenses.

But 1HFY18 revenue rose 6.3% y-o-y to RM205.38 million from RM193.28 million due to higher fresh fruit bunch production.

      Print
      Text Size
      Share