Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Sept 30): Teck Guan Perdana Bhd, which saw its share price surge by a whopping RM1.04 or 98.1% over the past week, said it is not aware of the reason behind the unusual market activity (UMA).

In its reply to the UMA query issued by Bursa Malaysia earlier today, the Sabah-based palm oil and cocoa planter explained it was unaware of any corporate developments, rumour, report or any other possible explanation for the sharp fall in its share price today.

The stock has been on the uptrend since Sept 26, after it announced its second quarter financial result. Its share price surged to a high of RM2.10 earlier today, before settling at RM1.87 as of midday break today.

Teck Guan was one of the top gainers across the local exchange. A total of 1.36 million shares were traded between RM1.87 and RM2.10, giving it a market capitalisation of RM78.19 million.

According to its result announcement last week, the company recorded a 144% jump in net profit for second quarter ended July 31, 2016 (2QFY17) to RM6.33 million, up from RM2.59 million a year ago. The bottom line growth was attributed to higher selling prices for its palm oil products, favourable exchange rate, and an increase in sales volume.

Revenue also increased 45.3% to RM96.05 million, compared with RM66.09 million a year earlier.

The significant increase in earnings in 2QFY17 contributed to the 41.2% jump in its 1HFY17 net profit to RM7.66 million, from RM5.43 million a year ago.

Cumulative revenue increased 63.4% to RM196.62 million, compared with RM120.3 million a year before.

Yesterday, Bursa Malaysia Securities said it had frozen the upper limit share price of Teck Guan at RM1.78, after the stock hit limit up for two consecutive trading days.

      Print
      Text Size
      Share