Kossan rises 4.50% on firmer 4Q earnings

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KUALA LUMPUR (Feb 19): Shares in Kossan Rubber Industries Bhd (Kossan) rose 4.50% this morning after it recorded a 29.6% increase in net profit for the fourth quarter ended Dec 31, 2018 (4QFY18) to RM59.51 million from RM45.91 million in the previous corresponding quarter attributable to improvements in all of its three divisions — gloves, technical rubber products (TRPs), and clean room.

At 9.05am, Kossan rose 18 sen to RM4.18 with 347,300 shares traded.

Quarterly revenue expanded 23.4% to RM589.37 million from RM477.77 million in 4QFY17.

For the full financial year 2018 (FY18), Kossan's net profit grew 10.3% to RM200.78 million from RM182.06 million in the previous year. At the same time, the group recorded its highest ever revenue, surpassing the two-billion-ringgit-mark at RM2.144 billion, an increase of 9.5% from RM1.958 billion in FY17.