Tek Seng hits all-time high after posting stronger 2Q earnings
15 Aug 2016, 10:56 am
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KUALA LUMPUR (Aug 15): Tek Seng Holdings Bhd saw renewed buying interest today, lifting the shares to hit its all-time high after it posted a stronger financial result in the second financial quarter ended June 30, 2016.

At 10.31am, the counter was trading at RM1.40, gaining four sen or 2.94% from last Friday's closing of RM1.36. It had earlier surged to its intra-morning high of RM1.43, making it one of the top gainers across the local stock exchange.

Tek Seng was the eighth most actively traded counter on Bursa Malaysia with 9.9 million shares traded, higher by more than three times compared to last Friday's volume of 3.2 million.

The current price gives it a market value of RM450.93 million.

Last Friday (Aug 12), the Penang-based PVC products manufacturer turned solar cell maker announced that its net income for 2QFY16 jumped more than four-fold to RM16.23 million from RM3.69 million as its solar segment business started to bear fruit.

Its solar segment swung into the black with a profit of RM13.23 million, as compared with a loss of RM3.66 million a year ago.

Revenue for the quarter doubled to RM159.53 million, from RM78.87 million previously, due to higher sales across all its business segments.

It declared a one sen interim dividend, payable on Sept 9.

For the half year ended June 30, 2016 (1HFY16), net profit jumped by more than four times to RM31.31 million from RM5.82 million in 1HFY15. Revenue surged 111% to RM290.81 million from RM137.83 million.

Going forward, Tek Seng said it will continue to look into exploring new market shares globally.

 

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