Annum shares up 16% in early trade

Annum shares up 16% in early trade
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KUALA LUMPUR (Oct 18): Shares in plywood product manufacturer Annum Bhd, formerly Cymao Holdings Bhd, rose as much as 16% to an intraday high of RM1.19 in early trade on Monday.

The stock was one of the top gainers on Bursa Malaysia.

At 11.50am, it was trading up 14 sen or 13.6% at RM1.17, with 3.47 million shares done. Its market capitalisation stood at RM87.75 million.

Year to date, however, its share price had fallen 16.43%.

On Aug 23, Annum announced that for the cumulative six months ended June 30, 2021 (1HFY21), it saw a net profit of RM15.84 million, compared to a net loss of RM4.46 million a year ago, as revenue increased 345% to RM86.49 million from RM19.42 million for 1HFY20.

The company attributed the better 1HFY21 performance to higher sales revenue on sales of plywood and polyester plywood and reduced administrative, selling and distribution expenses.

It said it was taking a cautious view on the outlook for the third quarter ended Sept 30, 2021 (3QFY21) due to preserving effects of Covid-19 and the measures necessary to control the pandemic.