Hot stock: Nanofilm jumps 13.1% amid heavy trading on improved Q1 results
It expects profitability to improve in FY2024 from the continuous optimisation of cost structures and lower capital expenditure
NANOFILM Technologies’ shares rose as much as 13.1 per cent in early morning trade on Tuesday (Apr 23), one day after the company posted a 19 per cent increase in first-quarter revenue.
As at 9.15 am, shares of the nanotechnology solutions provider were trading up S$0.08 at S$0.69 with 5.9 million shares changing hands on a cum dividend basis. It was one of the most heavily traded counters on the Singapore Exchange.
On Monday after trading hours, the mainboard-listed company posted improved financial results for its first quarter ended Mar 31, 2024. Its revenue for the quarter rose to S$39 million from S$33 million in the year-ago period, while gross profit increased to S$12.8 million from S$9.8 million.
It attributed the improvement in operational performance to efforts to expand the revenue base and streamline costs. The company also expects profitability to improve in FY2024 from the continuous optimisation of cost structures, coupled with lower capital expenditure year on year.
As at 9.35 am on Tuesday, the counter of Nanofilm continued its upward trajectory, rising 13.1 per cent to S$0.69 with 8.3 million shares transacted. It was the fourth most heavily traded counter on the exchange.
