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Hot Stock Tasco gains 8.1% as 1Q results exceed expectation
by Cals Fri 08 Aug 2014, 03:08
| Hot Stock Tasco gains 8.1% as 1Q results exceed expectation |
| Business & Markets 2014 |
| Written by Shalini Kumar of theedgemalaysia.com |
| Thursday, 07 August 2014 13:23 KUALA LUMPUR (Aug 7): Logistics firm Tasco Bhd rose 8.1% following news that the company's first quarter net profit rose 74% from a year earlier. At 12.30pm, Tasco climbed 21 sen to settle at RM2.78, making it the second-largest gainer on the bourse. Trading volume was, however, thin at 315,100 shares. Tasco's share price compares with its latest reported net assets per share of RM2.87. The stock had risen 33% this year, outperforming the FBM KLCI's 0.1% advance. A local remisier said the increase in Tasco's net profit had stirred interest from investors. "It would follow that people would be interested in the stock after it posted results that went above expectations. It's a feel-good factor. "Also, I believe that before the results came out, the stock's price-to-earnings ratio was quite low, so that presents a good investing opportunity as well," he told theedgemalaysia.com over telephone. For the first quarter ended June 30, 2014, Tasco's net profit rose to RM9.97 million from RM5.73 million. Revenue expanded to RM134.8 million from RM104.32 million. |
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