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NewsHot Stock Vitrox leaps 6.8% following record breaking quarterly results
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Hot Stock Vitrox leaps 6.8% following record breaking quarterly results
by Cals Mon 25 Aug 2014, 03:29
| Hot Stock Vitrox leaps 6.8% following record breaking quarterly results |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Friday, 22 August 2014 16:22 KUALA LUMPUR (Aug 22): Vitrox Corporation Bhd’s share price rose 6.8% as at 4pm today, after it announced yesterday a 208% rise in second quarter net profit rise to RM19.99 million. Some 1.61 million shares of the company were traded as at 4pm. Tan J Young, semicon analyst at Hong Leong Investment Bank (HLIB), told theedgemalaysia.com that the outlook remains positive on the stock, as the global landscape for the semiconductor industry remains positive. In a note today, the analyst commented that Vitrox outperformed itself by registering another record-breaking quarterly result. “1H14 top line of RM87.9 million was translated into higher-than-expected core net profit of RM24 million, accounting for 68.4% of HLIB’s full year estimate. “2Q14 revenue more than doubled year-on-year (yoy), as sales of all three product lines surged, with Machine Vision System(MVS), Automated Board Inspection (ABI) and Electronic Communication System (ECS) grew by 142%, 118% and 102% yoy respectively. “Higher demand from customers is attributable to the improving business outlook in the semiconductor and electronics industries,” Tan added. The stock has recorded a year-to-date increase of 130.78%. |
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