Biscuit maker Hwa Tai share price extends gain after hitting limit up

Biscuit maker Hwa Tai share price extends gain after hitting limit up
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KUALA LUMPUR (July 29): Biscuit maker Hwa Tai Industries Bhd’s share price rose more than 16% to a record high on Bursa Malaysia today after hitting limit up yesterday at above RM1 as investors looked ahead to the company’s second-quarter results announcement, which is scheduled to be released in August.

Hwa Tai’s share price had risen 18 sen or 16.82% to a record high of RM1.25 so far today, before paring gains at RM1.22 at Bursa’s 12.30pm break. At RM1.25, its market capitalisation stood at about RM93.54 million based on its 74.83 million issued shares.

Yesterday, the company's share price hit limit up after closing up 29.5 sen at RM1.07 from 77.5 sen the day before.

On May 19, Hwa Tai said in a Bursa filing that its net profit rose to RM538,000 for the first quarter ended March 31, 2021 (1QFY21) from RM143,000 a year earlier.

Revenue was also higher at RM20.19 million from RM17.66 million previously.

For Malaysians, Hwa Tai has been a household name when it comes to biscuits. 

The company claimed on its website that it is one of the longest established biscuit manufacturers in Malaysia. 

"[We were] established in 1962 and listed on Malaysia’s stock exchange in 1992. Since then, this fast-expanding company has grown to be one of the largest players in the biscuit industry in the country and produce a fine, wide range of superior quality biscuits.

"It has been successfully marketed domestically and internationally through Hwa Tai’s own vast and comprehensive distribution network. Our biscuits are marketed under the brand name or trademark of HWA TAI and LUXURY,” Hwa Tai added.

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Hwa Tai Industries shares surge to multiyear high on heavy volumes 

Chong Jin Hun