Karyon Industries Bhd (-ve)
TRADING of shares in Karyon Industries Bhd (fundamental: 2.05/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the fourth time this year.
The stock closed half a sen or 2.78% higher at 18.5 sen, with 5.64 million shares done, compared with the average 474,961 shares recorded in the past 200 days.
For the second quarter ended Sept 30, 2019, the group’s net profit more than doubled to RM2.94 million from RM1.21 million for the previous year, mainly thanks to higher margins resulting from a decrease in raw material costs and a gain on liquidation of RM1.21 million following the cessation of its China-based joint-venture company Karyon (Jinhua) Advanced Materials Co Ltd. Revenue rose 0.27% to RM39.96 million from RM39.86 million previously.
For the cumulative six months ended Sept 30, 2019, net profit jumped 43% year-on-year to RM4.59 million versus RM3.21 million a year ago, while revenue fell 2% to RM77.66 million against RM79.23 million previously.