Asia Brands jumps 24.7% after posting four-fold jump in 2Q net profit

TheEdge Tue, Nov 24, 2020 02:41pm - 5 months ago

KUALA LUMPUR (Nov 24): Baby clothes and lingerie retailer Asia Brands Bhd saw its share price jump by as much as 24.68% or 19.5 sen to 98.5 sen in intramorning trade today after the company announced a four-fold jump in net profit for its second quarter ended Sept 30, 2020 (2QFY21).

The intramorning high is the highest since Nov 22, 2017 when its share price hit RM1.

At noon break, the stock pared its gains to settle up 8.5 sen or 10.76% to 87.5 sen, with 2.39 million shares traded. The counter was valued at RM183.79 million.

Last Friday, the company said its net profit jumped four times to RM5.35 million for 2QFY21 from RM1.32 million a year earlier, thanks to lower operating expenses, as well as lower finance costs during the quarter.

Meanwhile, revenue for 2QFY21 grew 9% year-on-year to RM49.23 million from RM45.02 million.

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