Hot stock: Fortress Minerals surges 14.3% after Q3 profit jump, proposed acquisition

SHARES of Fortress Minerals rallied to a record high on Monday, after the Catalist-listed firm posted strong third-quarter results and proposed a US$30 million acquisition of a Malaysia miner.

As at 9.53am on Monday, the counter had jumped S$0.04 or 14.3 per cent to S$0.32, with some 1.3 million shares changing hands. No married deals were recorded in early trade, according to Shareinvestor data.

Shares of the iron ore concentrates producer and exporter hit 32.5 Singapore cents at one point, the highest the counter has reached since its debut on the Singapore bourse back in March 2019.

For the three months ended Nov 30, 2020, Fortress Minerals posted a net profit of US$4.3 million, more than five times that of US$751,151 a year ago.

Earnings per share stood at 0.87 US cent for the quarter, up from 0.15 cent the year before, while revenue more than doubled to US$10.3 million.

Separately, Fortress Minerals on Monday also proposed a US$30 million acquisition of Malaysia's Monument Mengapur, which is principally engaged in the business of copper and other minerals exploration.