Midas chalks up Q3 profit of 16.41m yuan

MIDAS Holdings swung to a net profit of 16.41 million yuan (S$3.34 million) for the third quarter ended Sept 30, 2013, from a loss of 6.11 million yuan a year earlier.

Turnover rose 48.5 per cent to 301.04 million yuan from 202.74 million yuan, primarily driven by its aluminium alloy extruded products division, which recorded a 50 per cent rise in revenue to 287.5 million yuan.

The group's bottom line was also buoyed by a 10.9 million yuan share of profit from its associated company, Nanjing SR Puzhen Rail Transport (NPRT).