Cycle & Carriage rises 13.16% on firmer 2Q earnings

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KUALA LUMPUR (July 24): Cycle & Carriage Bintang Bhd (C&C) shares rose 13.16% this morning after its second quarter net profit doubled to RM18 million from RM8.96 million a year ago, mainly due to a compensation insurance claim of RM12 million, and dividend income of RM11.2 million from Mercedes Benz Malaysia.

At 9.22am, C&C rose 25 sen to RM2.15 with 80,400 shares done.

Revenue for the quarter increased 11.4% to RM395.81 million from RM355.43 million previously, the group said.

C&C’s cumulative net profit for the first two quarters rose 65.1% to RM15.31 million or 15.2 sen per share from RM9.27 million or 9.2 sen per share in the previous corresponding period, after accounting for dividend income of RM11.2 million from the group’s investment in Mercedes-Benz Malaysia.

Six-month revenue also increased 10.8% to RM784.39 million from RM708.16 million.