MBMR rises 2.88% in early trade on strong 3Q earnings

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KUALA LUMPUR (Nov 24): Shares of MBM Resources Bhd (MBMR) rose 2.88% in early trade today after its net profit for the third quarter ended Sept 30, 2016 (3QFY16), which grew 147% to RM21.3 million from RM8.62 million a year ago.

At 9.02am, MBMR rose 7 sen to RM2.50 with 3,600 shares traded.

In a filing with Bursa Malaysia, it said the group's share of associates' results recorded a 120.1% rise to RM29.02 million as the Bezza, launched in July, was well received. It also registered improved sales volumes from Hino Motors Sales (M) Sdn Bhd.

MBMR holds a 20% stake in Perodua, or Perusahaan Otomobil Kedua Sdn Bhd, and a 42% stake in Hino Motors.

Revenue also climbed 5.05% to RM431.94 million in 3QFY16 from RM411.18 million a year ago on a better product mix.

However, its net profit for the cumulative nine-month period (9MFY16) was down 20% to RM58.5 million against RM72.99 million in the same period last year. Revenue was down 10% to RM1.23 billion from RM1.38 billion previously.