Genting's share price up 16 sen on strong results

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KUALA LUMPUR: Genting Bhd’s share price increased 16 sen in the early session today, following the release of its strong performance in the first quarter of this year.

The stock, one of the top gainers so far, stood at RM9.89 with 166,700 shares traded as at 9.57am.

Genting yesterday announced higher pre-tax profit of RM1.5 billion inthe first quarter ended March 31, 2017 from RM542.73 million recorded in the same period last year, on the back of a higher revenue of RM4.77 billion from RM4.7 billion, previously.

In a note, Hong Leong Investment Bank Research said the company’s plantation segment recorded stellar performance with 163 per cent growth, year-on-year, boosted by higher palm product prices and fresh fruit bunches production.

The research house maintained a ‘buy’ call on Genting with a higher target price of RM11.63 from RM10.75, previously. — Bernama


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