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Hot Stock Ta Ann climbs 3% despite earnings drop
by Cals Mon 23 May 2016, 00:35
- Hot Stock
[size=28]Ta Ann climbs 3% despite earnings drop
By Chester Tay / theedgemarkets.com | May 20, 2016 : 10:48 AM MYTKUALA LUMPUR (May 20): Ta Ann Holdings Bhd, a timber seller and palm oil planter, saw its share price rise as high as 3.6% in the morning in less than two hours after market open this morning despite the group reporting a weaker quarterly financial result yesterday.
As at 10:22am this morning, Ta Ann was trading at RM4.02, up by 13 sen or 3.34%, having 1.37 million shares done.
It is worth noting that the company also declared its first interim dividend of five sen per share for financial year ending Dec 31, 2016 (FY16) along with the release of 1QFY16 results.
The company said the dividend’s Ex-date falls on June 1, 2016.
Yesterday, Ta Ann reported that its 1QFY16 net profit has more than halved to RM12.55 million or 3.39 sen a share, from RM27.08 million or 7.31 sen a share a year ago, as its plywood sales volume, export log and export log average selling prices fell by 13%, 33% and 6% year-on-year respectively.
Revenue also slipped 1.6% to RM218.53 million in 1QFY16, from RM222.15 million in 1QFY15.
Apart from that, at Ta Ann’s extraordinary general meeting held in the after yesterday, shareholders also approved a one-for-five bonus issue of up to 74.15 million new shares for FY16.
The said bonus issue’s Ex-date falls on June 7, 2016.
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