Tuesday, December 14, 2010

Kencana up, active trade on strong earnings

KUALA LUMPUR: Kencana Petroleum'' Bhd's shares climbed in early trade on Tuesday, Dec 14 after it posted a strong set of earnings on-year and on-month.

At 9.09am, Kencana added three sen to RM2.22 with 2.15 million shares done while its call warrants added 0.5 sen to 38.5 sen.

The FBM KLCI rose 1.37 points to 1,511.16. Turn over was 60.39 million shares valued at RM50.01 million. The broader market was firmer, with 147 gainers to 70 losers while 111 stocks were unchanged.

Kencana Petroleum posted net profit of RM52.35 million in the first quarter ended Oct 31, 2010, up 70% from RM30.82 million a year ago and was upbeat for the current financial year on rising demand for its engineering and fabrication of oil and gas production facilities.

Revenue rose 20% to RM336.96''million from RM281 million a year ago while pretax profit increased by 63% to RM68.10 million from RM41.80 million.

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