Hot Stock Press Metal rises 2.72% on improved first quarter earnings
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Hot Stock Press Metal rises 2.72% on improved first quarter earnings
- Hot Stock
[size=28]Press Metal rises 2.72% on improved first quarter earnings
By Surin Murugiah / theedgemarkets.com | May 4, 2016 : 9:55 AM MYTKUALA LUMPUR (May 4): Press Metal Bhd shares rose 2.72% this morning after its net profit more than doubled to RM94.56 million in the first quarter ended March 31, 2016 (1QFY16), from RM43.14 million a year ago, on higher production output, lower finance cost and insurance claims.
At 9.35am, Press Metal added 8 sen to RM3.02 with 866,000 shares done.
Revenue for 1QFY16 was up 21.7% at RM1.29 billion, from RM1.06 billion in 1QFY15, underpinned by additional output by its Samalaju new phase, which has been commissioned progressively.
Press Metal also declared a first interim dividend of three sen per share for the financial year ending Dec 31, 2016 (FY16), amounting to RM38.97 million, payable on May 31.
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