Hot Stock Zelan jumps 5.36% on solid 3Q earnings

by **Cals** Tue 24 Nov 2015, 20:10

Hot Stock

[size=28]Zelan jumps 5.36% on solid 3Q earnings

By Surin Murugiah / theedgemarkets.com | November 24, 2015 : 11:34 AM MYT

KUALA LUMPUR (Nov 24): Zelan Bhd ([You must be registered and logged in to see this image.] Valuation: 1.50, Fundamental: 0.95) shares jumped 5.36% this morning, after it registered a 75.9% increase in net profit for the third quarter ended Sept 30, 2015 (3QFY15) to RM23.45 million, from RM13.33 million a year ago, largely due to a RM26 million provision write-back and a RM15.9 million tax refund.

At 11.12am, Zelan rose 1.5 sen to 29.5 sen, with 9.69 million shares done.

The write-back was on its provision for late payment interest charge on tax in Indonesia, while the tax refund was on tax paid in Indonesia. Also contributing to the better results was a RM1.8 million tax refund from India, and higher unrealised forex gain of RM10.3 million, its filing on Bursa today showed.

Revenue for the quarter rose 49.1% to RM94.03 million, from RM63.1 million in 3QFY14, contributed mostly by local projects, as well as the Meena project in Abu Dhabi.

For the nine-month period (9MFY15), net profit rose 34.08% y-o-y to RM49.02 million, while revenue rose 48.4% to RM297.13 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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