Quick take: Tomei shares at five months high

KUALA LUMPUR: Shares in Tomei Consolidated Bhd rose to its highest in five months in early trade Wednesday after its net profit tripled in the first quarter.

The jeweller rose 7.22%, or 6.5 sen to 96.5 sen, its highest since early January 2021, with over 1.5 million shares done. Year-to-date, Tomei has appreciated some 12.8%.

Tomei’s net proft for the first quarter ended March 31, 2021 (1Q) jumped more than three times year-on-year (y-o-y) to RM13.76mil, from RM4mil, on higher revenue.

Its revenue for the quarter almost doubled to RM244.15mil from RM127.8mil from a year ago, mainly due to an increase in consumers' demand, particularly for yellow gold jewellery.

On prospects, the group said it will remain vigilant and take necessary measures to ensure that it achieves a reasonable level of profitability for the year.