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Hot Stock Gadang rises 3.18% on strong 1Q earnings, prospects
by Cals Fri 30 Oct 2015, 15:26
- Hot Stock
[size=28]Gadang rises 3.18% on strong 1Q earnings, prospects
By Surin Murugiah / theedgemarkets.com | October 30, 2015 : 9:43 AM MYTKUALA LUMPUR (Oct 30): Shares of civil engineering and construction outfitGadang Holdings Bhd ([You must be registered and logged in to see this image.] Valuation: 2.40, Fundamental: 1.70) jumped in early trade Friday after its net profit for the first quarter ended Aug 31, 2015 (1QFY16) surge 118.66% to RM20.86 million or 9.61 sen per share, from RM9.54 million or 4.41 sen per share a year ago, primarily driven by higher contributions from property activities.
At 9.22am, Gadang rose 3.18% or 5 sen to RM162 with 2.52 million shares done.
Revenue for the quarter came in 12% higher at RM149.38 million, from RM133.36 million in 1QFY15, according to its Bursa filing.
Gadang said profit before tax for its property division jumped 348.8% to RM16.65 million, from RM3.71 million last year, mainly due to higher development progress for various projects and changes in accounting estimates for revenue recognition treatment of its Capital City Project.
On prospects, Gadang expects earnings to improve in the current financial year ending May 31, 2016 (FY16), driven by strong outstanding order book of some RM805 million for the construction division — the core revenue generator for the group.
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