Tashin rises as much as 5.59% after net profit soared to RM12.23m

Tashin rises as much as 5.59% after net profit soared to RM12.23m
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KUALA LUMPUR (May 4): Steel processor and manufacturer Tashin Holdings Bhd rose as much as 4.5 sen or 5.59% to 85 sen this morning after the group’s net profit surged 16-fold to RM12.23 million for the first quarter ended March 31, 2021 (1QFY21) from RM724,000 a year earlier.

At 10.08am, the counter had pared some gains at 82.5 sen, still up by two sen or 2.48%.

The counter, which was among the top 30 most actively traded stocks so far today, had seen 16.58 million shares traded.

The group announced yesterday that its profit surged due to higher demand and selling prices of its steel products.

Its revenue for 1QFY21, meanwhile, jumped 55.2% to RM95.22 million from RM61.35 million a year ago mainly due to higher demand for the group’s products.

“Barring unforeseen circumstances, the board is cautiously optimistic that the company’s prospects for the coming quarter will remain positive and satisfactory due to higher demand for the steel processing segment and steel pipes, and increased sales orders from the automotive segment,” said the group.

Read also:
Tashin’s 1Q net profit soars 16-fold to RM12.23m on higher steel prices 

Lam Jian Wyn