KUALA LUMPUR (Oct 24): TAS Offshore Bhd shares jumped 10.71% in early trade this morning after the company returned to the black in the first financial quarter ended Aug 31, 2017 (1QFY18), posting a net profit of RM2.23 million, from a net loss of RM1.13 million in 1QFY17.

At 9.05am, TAS rose 3 sen to 31 sen with 760,300 shares traded.

Revenue jumped fivefold to RM10.43 million from RM2.25 million in the previous year. TAS Offshore attributed the improved quarterly results to the sale of two units of tugboats.

Earnings per share stood at 1.27 sen in 1QFY18 compared with a loss per share of 0.64 sen a year ago.