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Hot Stock Luxchem rises 5.06% on solid 3Q earnings
by Cals Mon 02 Nov 2015, 18:59
- Hot Stock
[size=28]Luxchem rises 5.06% on solid 3Q earnings
By Surin Murugiah / theedgemarkets.com | November 2, 2015 : 9:36 AM MYTKUALA LUMPUR (Nov 2): Shares of chemical distributor Luxchem Corp Bhd ([You must be registered and logged in to see this image.] Valuation: 2.10, Fundamental: 2.10) jumped 5.06% in early trade today after its net profit doubled (117.76%) to RM13 million or 4.95 sen per share in the third quarter ended Sept 30, 2015 (3QFY15), from RM5.97 million or 4.59 sen per share a year ago.
At 9.18am, Luxchem rose 8 sen to RM1.66 with 474,600 shares done.
In its quarterly report to Bursa, it attributed the jump in net profit to increased revenue from the trading and manufacturing segments, as well as realised foreign exchange (forex) gain.
Its revenue came in 6.1% higher at RM169.17 million in 3QFY15, from RM159.44 million in 3QFY14, due to higher contributions from both its trading and manufacturing segments.
As for its cumulative nine months (9MFY15), net profit increased 55.46% to RM24.36 million, from RM15.67 million in the previous corresponding period — primarily because of the same reason, for its better quarterly earnings; while 9MFY15 revenue was up 10.15% to RM502.74 million, from RM456.4 million in 9MFY14.
The company recorded a forex gain of RM3.06 million in 3QFY15 and RM5.64 million for 9MFY15.
On prospects, Luxchem said fluctuations in exchange rates and raw material prices will continue to be a challenge, but it remains positive over its prospects
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