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Stock on the Move 25 Feb 2021 | 9:14 AM

Quick take: Permaju shares jump 36% as it returns to black in 2Q

KUALA LUMPUR: The market reacted positively to the latest financial results from Permaju Industries Bhd and its shares jumped over 36% in early trade Thursday. The counter surged 36.67%, or 5.5 sen to 20.5 sen. It is currently the most actively traded counter on Bursa Malaysia with 114 million shares done. For the second quarter ended Dec 31, 2020, Permaju returned to the black with a net profit of RM10.97mil against a net loss of RM762,000mil in the corresponding period a year ago. Revenue, however, was down 69% to RM5.67 from RM18.55mil previously. For the first six months, Permaju posted a net profit of RM9.24mil against a net loss of RM1.35mil, while revenue was lower at RM17.49mil from RM37.36mil a year ago. Two weeks ago, Permaju entered into a conditional share sale agreement with Chai Kim Chong to acquire 600,000 ordinary shares in Hardie Development Sdn Bhd representing 30% equity interest for RM21.8mil. Hardie is an existing 70%-owned subsidiary of Permaju. Permaju has also proposed to undertake a private placement of up to 182.41 million shares.