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Jaks Resources up 6.71% on solid 2Q earnings

KUALA LUMPUR (Aug 22): Jaks Resources Bhd shares rose 6.71% this morning after its net profit jumped nearly three times in the second quarter ended June 30, 2019 (2QFY19) to RM37.29 million against RM12.74 million a year ago, as it recorded higher earnings in its construction division, contributed by engineering, procurement and construction works in Vietnam.

At 9.01am, Jaks added 5.5 sen to 87.5 sen for a market capitalisation of RM562.73 million.

Quarterly revenue rose by 86% year-on-year to RM315.43 million, against RM169.99 million previously.

The better 2QFY19 earnings boosted the group’s net profit for the first half of FY19, which surged 116% to RM65.91 million from RM30.58 million a year ago (1HFY18), as revenue increased 65% to RM613.23 million from RM372.5 million.

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