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Hot Stock Huat Lai rises 5% on dividend

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Hot Stock Huat Lai rises 5% on dividend Empty Hot Stock Huat Lai rises 5% on dividend

Post by Cals Tue 12 Nov 2013, 21:04

Hot Stock Huat Lai rises 5% on dividend
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Tuesday, 12 November 2013 15:01
KUALA LUMPUR (Nov 12): Huat Lai Resources Bhd rose as much as 5% on news that the poultry firm is planning to pay a tax-exempt dividend of four sen a share, dealers say.

At 2.54pm, Huat Lai rose 10 sen to an intraday high of RM2.10. This gives the firm a market capitalisation of RM163 million. The bourse's 10th-largest gainer saw a trading volume of 23,000 shares.

"It could be due to the dividend," a dealer told theedgemalaysia.com over telephone today.

The dealer said the low trading volume of 23,000 shares indicates that the firm is tightly-held by major shareholders.

Bloomberg data shows that Esprit Unity Sdn Bhd is the single-largest shareholder with some 71% in Huat Lai.

According to Bloomberg, Huat Lai shares had touched a six-month intraday low of RM1.90 on August 15 this year. The stock had subsequently reached a high of RM2.20 on August 19.

Huat Lai's financials have improved. The firm reported yesterday a RM11.23 million net profit in the third quarter ended September 30, 2013 (3QFY13) from a net loss of RM10.34 million a year earlier. Revenue rose to RM248.37 million from RM180.09 million.

Cumulative 9MFY13 net profit came to RM14.94 million versus a net loss of RM17.58 million a year earlier. Revenue rose to RM673.28 million from RM502.76 million.
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