Quick take: Mega First rises 5% on higher earnings

  • Stock on the Move
  • Friday, 29 May 2020

KUALA LUMPUR: Mega First Corp Bhd shares rose 5% in early trade Friday after the group posted a first quarter net profit of RM57.4mil, up 70.5% from the same period last year.

The counter added 4.96%, or 30 sen to RM6.35, making it one of the top gainers on Bursa Malaysia.

Mega First’s net profit increased by 70.5% from RM33.65mil a year ago. Its revenue however fell by 27.5% to RM160.68mil from RM221.84mil. Earnings per share were 13.49 sen compared with 8.48 sen.

The lower revenue was mainly due to the absence of construction revenue (1Q2019: RM169.9mil), mitigated by RM103.3mil energy sales revenue (1Q2019: Nil), and higher contributions from the resources division and the packaging & labels division.

Mega First said the Don Sahong plant in Cambodia went into full commercial operation on Jan 7 following successful testing of and synchronisation with Électricité du Laos’s (EDL) new 500KV transmission line to Cambodia.

It said the revenue of RM103.3mil in 1Q was the energy billing to EDL for the quarter. The average energy availability factor for the period was 70.7%, slightly ahead of management expectations.

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