KUALA LUMPUR (Apr 24): WZ Satu Bhd shares rose today after the company’s official said it was hoping to see its net profit double for its financial year ending August 31, 2015, compared to a year ago.
At 9.38am, WZ satu jumped 5.92% or nine sen to RM1.61 with 119,400 shares done.
The group posted a substantial jump in net profit to RM11.68 million for the 16-month consolidated financial period ended August 31, 2014.
WZ Satu executive chairman and chief executive officer Tengku Uzir Tengku Ubaidillah yesterday said he foresaw the group's mining segment continuing its trend of contributing 50% of earnings for the rest of the year.
Shareholders yesterday approved the disposal of Weng Zheng Marketing Sdn Bhd for a cash total of RM6.1 million to its managing director and substantial shareholders Tan Ching Kee.
"With this disposal, we are able to recoup about RM22.5 million, including intercompany borrowings, which Tan will reimburse back by taking over this company," Tengku Uzir said.
"This money will be very handy for the group. We are already in a net cash position of about RM40 million and this will serve to further enhance our balance sheet," he added.
Weng Zheng Marketing is involved in the trading and processing of all types of steel product