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Midas' profit close to triples in Q1

MAINBOARD-LISTED Midas Holdings chalked up a net profit of 28.7 million yuan (S$5.9 million) for the first quarter ended March 31, 2017, up 187.6 per cent.

The firm said on Friday that revenue rose 31.3 per cent to 398.4 million yuan, bouyed by contribution from its Aluminium Alloy Stretched Plates division, which generated about 76.6 million yuan during the quarter. Turnover from the Aluminium Alloy Extruded Products division was up 6.0 per cent to 320.8 million yuan, contributing to about 80.5 per cent of total revenue compared to 99.8 per cent a year ago.

Meanwhile, other income rose 359.1 per cent due to unrealised foreign exchange gain arising from US dollar-denominated medium-term notes. The group's share of profits from its associate, CRRC Nanjing Puzhen Rail Transport, jumped 359.3 per cent - a result of increased delivery to its customers during the period.

Finance costs increased 53.3 per cent to 40.0 million yuan due to higher interest rates and more outstanding borrowings. Earnings per share rose to 1.71 fen from 0.8 fen a year ago.

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The counter closed unchanged on Friday at S$0.235.