Guan Chong up 3.40% on firm 2Q earnings, dividend

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KUALA LUMPUR (Aug 14): Guan Chong Bhd shares rose 3.40% this morning after its net profit rose to a record RM43.03 million in its second quarter ended June 30, 2018 (2QFY18) from RM22.88 million.

At 9.13am, Guan Chong rose 7 sen to RM2.13 with 1.59 million shares traded.

Quarterly revenue rose 1.92% to RM491.58 million, from RM482.03 million previously, boosted by a 28% increase in cocoa products sales volume. It declared a first interim dividend of two sen per share, payable on Sept 28.

For the first half of FY18, the cocoa product manufacturer saw net profit jump 187.62% to RM82.36 million from RM28.64 million in 1HFY17 boosted by increased sales volume and economies of scale.

Half-year revenue however declined 9.19% to RM1.01 billion from RM1.11 billion on lower selling prices of its cocoa ingredients.