KUALA LUMPUR (May 18): Sabah-based Cepatwawasan Group Bhd’s share price rose as much as 7.1% or six sen to a day’s high of 90 sen, shortly after the opening bell of the afternoon session. 

As at 4.25pm, the stock was trading at 89 sen, with 3.04 million shares exchanging hands. 

The group announced improved earnings for the first quarter ended March 31, 2017 (1QFY17). It posted a net profit of RM6.22 million or 2.01 sen per share, compared with a net loss of RM405,000 or 0.13 sen per share a year ago.

Revenue for 1QFY17 increased by 51.8% to RM59.06 million, from RM38.89 million a year ago. The group’s improved financials in 1QFY17 was a result of an increase in average selling prices of crude palm oil (CPO), palm kernel (PK) and fresh fruit bunches (FFB).

The group had been loss making in the previous year, due to a decrease in FFB production and lower volume of sales for CPO and PK.

Compared to its share price of 69.8 sen on May 19 last year, Cepatwawasan shares have appreciated by nearly 29% in a period of 12 months.

Cepatwawasan is an investment holding company, with subsidiaries principally involved in oil palm cultivation, milling, quarrying, sales of oil palm products, as well as power generation.