Paramount shares up 4.6% on strong 3Q financial performance

KUALA LUMPUR (Nov 15): Paramount Corp Bhd shares were up as much as 8 sen or 4.6% to RM1.81 eighteen minutes after the opening bell this morning, after the company reported a strong third quarter ended Sep 30, 2017 (3QFY17) financial performance yesterday.

Paramount’s net profit grew over seven times in 3QFY17 to RM85.76 million from RM11.16 million last year, thanks mainly to the disposal of its Sri KDU campus, which generated a gain of RM77.8 million.

Quarterly earnings per share bumped up to 20.21 sen, from 2.64 sen earlier.  Revenue was up 42% to RM191.1 million from RM134.78 million in the same quarter last year with higher contribution from both its property and education divisions.

At 10.26 am, Paramount shares were up 7 sen or 4.05% to RM1.80 with 1.1 million shares changing hands, surpassing its 200 day average trading volume of 289,682 shares. — theedgemarkets.com

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