KUALA LUMPUR: Wire and cable firm Supercomnet Technologies Bhd's net profit for the first quarter ended March 31, 2020 (1QFY20) rose 9.34% to RM4.1 million from RM3.74 million a year earlier, mainly from unrealised gain on foreign exchange (forex).

In a bourse filing, the group said revenue was 12.7% higher at RM28.15 million from RM24.97 million previously, on increasing sales from existing customers of subsidiaries.

Earnings per share rose to 0.64 sen from 0.58 sen in 1QFY19.

On its outlook, Supercomnet said it is cautiously optimistic that its prospects are expected to improve.

Separately, Supercomnet has amended its Annual Report 2019 by removing the part that stated "the group anticipates a decline in its revenue for the financial year ending December 31, 2020 which is mainly driven lower demand from customers".

"Save for the amendment, all other details and information contained in the Annual Report 2019 remain valid and unchanged," it said.

At Bursa Malaysia today, Supercomnet shares jumped four sen or 3.57% to RM1.16 apiece in early trading with 4.05 million units done. Its market capitalisation stood at RM745.88 million at press time.

Last week, the firm received an unusual market activity query from Bursa after its share price surged as much as 36 sen or 29.03% on June 22, with trading volume rising over 16 times its 200-day average of 2.3 million shares. This pushed its share price to a fresh record high of RM1.60, before paring some gains to settle at RM1.50.

In its response, the group said it was not aware of the cause of heightened trading and price of its shares.

Supercomnet has drawn investor interest since late May, after The Edge Malaysia weekly reported that orders for its products, particularly cables connecting medical devices, had doubled since the onset of the Covid-19 pandemic.

In fact, its share price has almost tripled since March 18, marking the period when the Movement Control Order was initiated as the Covid-19 outbreak worsened in Malaysia.