KUALA LUMPUR: Shares in ARB Bhd rises over 2.6% in early trade Tuesday after the company reporting a 44 times jump in its third quarter earnings.
The counter, one of the most active on Bursa Malaysia, rose 2.67%, or one sen to 38.5 sen with 10.29 million shares done.
ARB’s net profit for the third quarter ended Sept 30,2019 jumped over 44 times to RM8.29mil from RM186,000 a year ago, mainly due to the information technology (IT) segment.
Its revenue also rose eight times to RM33.94mil compared with RM3.80mil.
For the nine-month period, ARB’s saw a net profit of RM21.98mil versus a net loss of RM734,000 a year ago, while revenue rose almost seven times to RM57.65mil from RM8.34mil.
ARB said the main revenue contribution from the timber segment is temporarily ceased during the quarter and is expected to resume in December 2019.
For the IT segment, the group’s wholly-owned subsidiary ARB Development Sdn Bhd secured a US$20 million (RM83 million) contract with an overseas client in the third quarter of 2019.