KUALA LUMPUR: Shares in Wong Engineering Corp Bhd surged to a multi-year of 85 sen in early trade on Thursday after the company reported strong results for the third quarter ended July 31.
At 9.30am, it was up 7.5 sen to 85 sen on a turnover of 1.79 million shares done. The share price has risen some 28% year-to-date.
Wong Engineering's net profit jumped over 37 times year-on-year in its third quarter ended July 31, due to higher revenue and better operational efficiency.
Its net profit for the quarter came in at RM3.05mil, compared with RM82,000 a year ago, while revenue grew 35% to RM11.86mil from RM8.79mil.
The company said the increase in revenue was driven by higher billings to key customers from the electrical and electronics industry, and profit before tax increased due to cost improvement attributed to better operational efficiency.
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