Gent­ing shares up 17 sen on strong re­sults

New Straits Times - - Business -

Gent­ing Bhd’s share price in­creased 1.75 per cent, or 17 sen, yes­ter­day, fol­low­ing a strong per­for­mance in the first quar­ter of this year.

The stock, one of the top gain­ers, closed at RM9.90 with 3.24 mil­lion shares traded.

Gent­ing on Mon­day an­nounced higher pre-tax profit of RM1.5 bil- lion in the first quar­ter ended March 31 2017 from RM542.73 mil­lion recorded in the same pe­riod last year.

This was on the back of a higher rev­enue of RM4.77 bil­lion from RM4.7 bil­lion, pre­vi­ously.

In a note, Hong Leong In­vest­ment Bank Re­search said the com­pany’s plan­ta­tion seg­ment recorded stel­lar per­for­mance with 163 per cent growth year-onyear, boosted by higher palm prod­uct prices and fresh fruit bunches pro­duc­tion.

The re­search house main­tained a “buy” call on Gent­ing with a higher tar­get price of RM11.63, from RM10.75 pre­vi­ously.

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