KUALA LUMPUR: Surging trading volume of Bursa Malaysia is helping to boost turnover and net profit at share trading platform provider N2N CONNECT BHD
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The company, in a filing with Bursa Malaysia today, said revenue in the second quarter ended June 30 jumped 9.1% to RM28.55mil from RM26.17mil a year ago.
"The higher revenues were mainly due to the higher implementation fees, higher equipment rental revenue and higher monthly transaction fees attributed to the surge in Bursa Malaysia’s market trading volumes during the quarter," it said.
The higher revenue, coupled with lower cost, boosted its profit after tax by 2.4 times higher to RM6.86mil.
Trading volume on Bursa Malaysia had increased sharply in recent months, with retail investors making up a significant chunk daily trading activities.
"We foresee the interest from retail investors to continue as they chase penny stocks and mid cap stocks to benefit from the rally," N2N Connect said.
Almost 215 billion shares worth RM122bil changed hands on Bursa Malaysia in July, up from 160 billion shares valued at RM98bil recorded in June.
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