KUALA LUMPUR (March 25): Interest in NTPM Holdings Bhd surged on Bursa Malaysia after the company reported a turnaround in its net profit for the third quarter of its financial year 2024 (3QFY2024), compared to the previous year.
Shares of NTPM climbed as high as 42 sen, last breached nearly eight months ago on Aug 11, 2023. It closed slightly lower at 40.5 sen, still up two sen or 5.19% from last Friday (March 22)’s close.
Meanwhile, its trading volume leapt to 6.19 million, more than twelve times its 20-day moving average of 490,552 shares.
At 40.5 sen per share, the counter was valued at RM454.8 million. Year-to-date, the counter has climbed 2.5 sen or 6.58%.
The paper and personal care product manufacturer gained momentum after it reported a net profit of RM6.3 million or 0.56 sen per share in 3QFY2024, compared to a net loss of RM7.32 million or 0.65 sen per share a year earlier, thanks to higher sales and decreased materials costs.
According to its bourse filing last Friday, its quarterly revenue rose 11.75% to RM241.06 million, from RM215.72 million in 3QFY2023.
For the nine months ended Jan 31, 2024 (9MFY2024), NTPM’s net profit stood close at RM2.44 million, compared to losses of RM9.73 million in the preceding year’s corresponding period. Nine-month revenue gained 5.56% to RM689.6 million, from RM653.29 million previously.
While it aims to remain profitable in the coming quarter amid the positive results recorded, NTPM expects its business operations to remain challenging amid persistent geopolitical tensions, inflationary pressure and volatile foreign exchange rates.
According to Bloomberg, only two institutional analysts covered NTPM and rated it “hold” before the result announcements, with a 12-month consensus target price of 38 sen.