Gadang up 6.8% on strong 2Q earnings

KUALA LUMPUR (Jan 26): Construction and property outfit Gadang Holdings Bhd saw its stock rise as much as 6.8% or 7 sen to RM1.10 today, from yesterday’s closing price of RM1.03, before paring its gain to RM1.07 at 11:40am today, on stronger earnings that it reported yesterday.
 
At RM1.07, Gadang’s market capitalisation stood at RM692.5 million.

It is worth noting that the stock opened at RM1.08, at the local bourse’s opening bell.

Yesterday, Gadang posted a 57% jump in net profit to RM27.91 million in the second quarter ended Nov 30, 2016, from RM17.72 million a year earlier, on better margins from construction activities and higher contributions from the property segment.

The construction and property firm’s revenue was also higher by 45% to RM147.88 million, from RM101.98 million. 

In the six months to Nov 30, 2016, Gadang’s net profit came in at RM44.6 million, from RM38.58 million a year ago, on the back of a marginally higher revenue of RM252.48 million, from RM251.36 million.

Besides construction and property development, Gadang also has interest in utilities and plantation business.

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1051647/gadang-68-strong-2q-earnings

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