LFIB, which is involved in buidling materials and consumer goods, was the third best performer on Bursa Malaysia.
KUALA LUMPUR: Shares of Lion Forest Industries Bhd (LFIB) surged 54% to 75.5 sen at the midday break on Wednesday in relatively thin trade, in the absence of any strong positive corporate news.
At midday, it was up 26.5 sen to 75.5 sen with 170,000 shares done. It is trading at a price-to-earnings of 8.93 times.
LFIB, which is involved in buidling materials and consumer goods, was the third best performer on Bursa Malaysia. It earlier rose to a high of 77.5 sen.
The FBM KLCI rose 3.54 points or 0.2% to 1,740.38. Turnover was 1.07 billion shares valued at RM919.88mil. The number of gainers nearly doubled the decliners, 453 to 240, while 303 counters were unchanged.
In the fourth quarter ended June 30, 2018, it posted net profit of RM948,000 only compared with RM13.94mil a year ago. Its revenue was RM380.47mil compared with RM340mil a year ago.
For the financial year 2018, revenue rose by 12% to RM380.5mil compared with a year ago, largely due to the higher sales of building materials and lubricants.
Its building materials and steel products division recorded a16% increase in revenue of RM292.6mil mainly due to higher sales of building materials, particularly steel bars, to the property sector. However, the division posted lower profit as compared to a year ago mainly due to different sales mix.
Its lubricants, petroleum and automotive products division's revenue increased 4% to RM84.5mil mainly driven by higher sales of lubricants backed by comprehensive marketing programmes. However, the division recorded a lower profit of RM9.7mil mainly due to different sales mix and higher operating expenses.
For the full year, its net profit rose to RM19.23mil from RM14.74mil. Its net asset per share was RM2.40. It has cash and cash equivalents of RM108.19mil at end-June 2018.
The company, which is part of the Lion Group, has been under the radar of analysts and investors for many years.
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