Malaysian Bulk Carriers Bhd (+ve)

Malaysian Bulk Carriers Bhd (fundamental: 0.20/3, valuation: 0.30/3) made it to our Stocks with Momentum list yesterday for the second time this year after posting a record net profit on Monday.

The stock closed five sen or 8.4% higher at 64.5 sen, after trading volume spiked to 10.13 million shares.

In comparison, its 200-day average trading volume was 541,756.5 shares.

On Monday, the group announced that net profit for the fourth quarter ended Dec 31, 2018 (4QFY18) surged to RM406.44 million, boosted by gain on disposal of an associate and reduced losses from an associate. In contrast, it posted a net loss of RM73.17 million for the previous corresponding quarter.

Its quarterly revenue, however, fell 3.5% to RM69.04 million from RM71.52 million.

For the full FY18, its net profit stood at RM263.84 million — its highest level since FY08, versus a net loss of RM134.95 million for FY17 — though revenue contracted 12.3% to RM238.97 million from RM272.58 million.