This article first appeared in The Edge Financial Daily on September 24, 2018
Formosa Prosonic Industries Bhd (-ve)
Trading in shares of Formosa Prosonic Industries Bhd (fundamental: 2.5/3, valuation: 2.4/3) triggered our momentum algorithm last Friday for the first time this year. The stock closed nine sen or 6.21% higher at RM1.54.
A total of 3.33 million shares were traded, about four times more than its 200-day average volume of 678,733.5 shares.
Formosa Prosonic Industries’ net profit fell 15.58% to RM7.11 million in its second quarter ended June 30, 2018 (2QFY18) from RM8.42 million a year ago, mainly due to the ringgit strengthening against the greenback and also an increase in operating cost.
Quarterly revenue rose 19.24% to RM122.23 million from RM102.51 million previously, on the back of higher sales volume and change in sales mix.
Net profit for the first half of 2018 dropped 20.96% to RM13.72 million from RM17.35 million a year ago, even though revenue jumped 23.3% to RM219.50 million from RM178.03 million.