Genting shares up 17 sen on strong results

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.