Gadang rises 4.03% on firm 1Q earnings

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KUALA LUMPUR (Oct 29): Gadang Holdings Bhd’s shares rose 4.03% at mid-morning after the company’s net profit for the first quarter ended Aug 31, 2014 (1Q15) surged 34% to RM9.54 million or 4.41 sen per share, from RM7.14 million in the previous corresponding period, on higher contributions from construction activities.

At 10.10am, Gadang was up six sen to RM1.55 with 639,700 shares traded.

Gadang on Tuesdau said its revenue in the quarter rose 18% to RM133.36 million, from RM113.45 million a year ago. Gadang did not declare any dividend for the quarter.

On prospects, Gadang expects the performance for the current financial year to further improve, in tandem with its outstanding construction order book of some RM1.3 billion.