KARYON Industries Bhd (-ve)
KARYON Industries Bhd (fundamental: 2.05/3, valuation: 1.4/3) closed unchanged at 18.5 sen last Friday after 8.61 million shares were traded, compared with the counter’s 200-day average volume of 538,519.5 shares.
The group is principally engaged in manufacturing and trading of polyvinyl chloride compound, plastic additives, industrial chemical products, and manufacturing of polymeric products.
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 corresponding quarter, mainly thanks to higher margins resulting from lower raw material costs and a gain on liquidation of RM1.21 million following the cessation of its China-based joint venture Karyon (Jinhua) Advanced Materials Co Ltd. Quarterly revenue, however, was flat at RM39.96 million versus RM39.86 million previously.
For the six months ended Sept 30, 2019, net profit jumped 43% year-on-year to RM4.59 million from RM3.21 million, while revenue fell 2% to RM77.66 million from RM79.23 million.