Hot stock: Hong Fok soars 9.9%, prompting trading query

PROPERTY development and investment firm Hong Fok Corporation on Wednesday jumped 9.9 per cent to S$0.78, exceeding its 52-week high of S$0.75.

As at 12.51pm, about 3.5 million shares had changed hands.

Its unusual performance in the absence of any significant company announcement earned it a trading query from the Singapore Exchange.

On Feb 28, 2017, the company reported a 56 per cent plunge in net profit to S$73 million, while revenue dipped 3 per cent to S$59 million, due to lower rental income from the leasing of its investment properties and lower property management income.

The bottom line was also impacted by the absence of a net gain on disposal of about S$81.9 million in 2015 when the group sold its shares in Winfoong International. There was also a lower gain on revaluation of its investment properties.