Sharp rise in Q1 net profit propels MBM Resources shares

KUALA LUMPUR, May 24 — MBM Resources Bhd is among the top gainers in the morning session today after posting a sharp increase in net profit for the first quarter of the financial year 2019.

At 11.40am, MBM Resources shares perked six sen to RM2.86 with 390,500 shares traded.

In a filing with Bursa Malaysia yesterday, the company said net profit for the first quarter improved 51.3 per cent year-on-year to RM49.7 million on the back of the strong demand for Perodua vehicles especially the Myvi and Axia models.

Revenue for the quarter grew 14.9 per cent year-on-year to RM532.5 million.

MBM Resources owns 22.6 per cent stake in Perusahaan Otomobil Kedua Sdn Bhd (Perodua). — Bernama