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Riverstone kept at 'buy' by CGS CIMB as it gradually shifts costs

Samantha Chiew
Samantha Chiew5/14/2018 02:36 PM GMT+08  • 2 min read
Riverstone kept at 'buy' by CGS CIMB as it gradually shifts costs
SINGAPORE (May 14): CGS CIMB Securities is maintaining its “add” recommendation on Riverstone Holdings with a target price of $1.28.
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SINGAPORE (May 14): CGS CIMB Securities is maintaining its “add” recommendation on Riverstone Holdings with a target price of $1.28.

The group on May 8 announced that its 1Q18 earnings have dropped by 7.6% to RM31.1 million ($10.5 million) from RM33.6 million in 1Q17.

Revenue was 2.0% higher at RM209.8 million compared to RM205.7 million last year. But gross profit for the quarter fell 9.5% y-o-y to RM46.9 million, as gross profit margin dropped by 2.9 percentage points to 22.3%.

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