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Hot Stock Comintel rises nearly 9% after 1Q net profit almost tripled
by Cals Thu 30 Jun 2016, 00:35
- Hot Stock
[size=28]Comintel rises nearly 9% after 1Q net profit almost tripled
By Tan Siew Mung / theedgemarkets.com | June 29, 2016 : 12:52 PM MYTKUALA LUMPUR (June 29): Comintel Corp Bhd rebounded as much as seven sen or 8.86% to 86 sen after the group reported that its net profit for the first quarter ended April 30, 2016 (1QFY17) almost tripled.
At noon, the electronic components manufacturer and assembler was trading four sen or 5.06% higher at 83 sen.
The counter was actively traded this morning, with 9.58 million shares done.
Yesterday (June 28), the group told the bourse that its net profit surged to RM5.36 million or 3.83 sen per share in 1QFY17, from RM1.86 million or 1.33 sen per share a year earlier.
The group's quarterly revenue also grew 24.5% year-on-year to RM103.72 million from RM83.33 million, due to better performance of the manufacturing segment on higher demand for the products it manufactured.
The group attributed this to better financial performance of its manufacturing segment on productivity improvement, higher demand for its products and shipment of better margin products.
However, it is worth noting that Comintel was queried by the regulator on June 21 about its unusual trading activity. Comintel's share prices tumbled 27 sen or 28.72% to 67 sen on June 21, from 94 sen on June 20.
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