Dufu surges 13.62% to record high on solid 3Q earnings, dividend

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KUALA LUMPUR (Nov 12): Shares of Dufu Technology Bhd gained as much as 13.62% or 41 sen today, after the group reported a net profit of RM19.32 million for its financial quarter ended Sept 30, 2018 (3QFY18), double the RM6.42 million earned the year before.

At 11.05am, the counter was trading at a record high of RM3.49, with 5.25 million shares traded. The stock has more than doubled by RM1.80, since the start of the year.

The group said its strong net profit results were backed by higher revenue, economies of scale, favourable product mix and positive foreign exchange results, due to the strengthening of the US dollar.

On Friday (Nov 9), Dufu also announced that revenue in 3QFY18 had gained 53.66% to register at RM66.9 million, versus RM43.53 million in the previous year’s corresponding quarter. This was due to an increase in demand for hard disk drive components.

It also announced a higher single tier interim dividend of 2.5 sen per share for the period, compared with 2 sen per share previously.

The precision part maker had previously seen its share price surge, after recording a 72% gain in its second quarter net profit for its 2018 financial year.