Icapital.biz 4Q jumps 26 folds on sale of securities

Icapital.biz 4Q jumps 26 folds on sale of securities
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Tuesday, 02 July 2013 18:26

KUALA LUMPUR (July 2): ICAPITAL.BIZ BHD []’s net profit for its fourth quarter to end-May 2013 jumped more than 26 folds to RM47.12 million, from RM1.71 million in the fourth quarter of the previous financial year, due to profit from sale of securities.

Revenue rose more than 10 folds to RM49.68 million, from RM4.58 million in similar quarter a year ago, due to disposal of securities.

For the full financial year, net profit totalled RM56.81 million, up from RM15.73 million in the previous year. Revenue rose to RM65.95 million from RM24.82 million.

In its filing with Bursa Malaysia, Icapital said since it is a close-end fund, a better indication of its performance would be its net asset value (NAV), which rose to RM2.99 at end-May 2013 from RM2.86 a year ago.

On outlook, it said since the company has cash of RM200 million or about RM1.43 per share, the fund is “like a haven amidst conditions that can be hazy” given the recent market panic and plunge in gold price.

The share of Icapital.biz closed at RM2.39 today.