KUALA LUMPUR (May 30): Muda Holdings Bhd shares slumped 24.82% in active trade in the morning session today, after its net profit dropped 13.45% year-on-year to RM15.71 million in the first quarter ended March 31, 2018 (1QFY18), from RM18.15 million.

At 12.29pm, Muda lost 70 sen to RM2.12, with 9.46 million shares done. 

The drop in net profit was partly due to higher tax expenses during the quarter, which amounted to RM6.73 million versus RM2.39 million a year ago.

Additionally, the group received lower insurance compensation of RM3.11 million for the fire that occurred in 2016, compared with RM12.73 million last year. 

If the impact of net compensation from the insurer for the fire — which occurred in 2016 — was eliminated, the adjusted pre-tax profit of RM19.4 million for the current quarter under review was 2.4 times higher than the adjusted pre-tax profit of RM8.2 million in the previous corresponding quarter, Muda explained. 

Quarterly revenue climbed 17.33% to RM371.59 million, compared with RM316.72 million last year. Muda’s earnings per share stood at 5.15 sen, compared with 5.95 sen a year ago.