SINGAPORE (Nov 14): Midas Holdings, the dual-listed manufacturer of aluminium alloy extruded products for the passenger rail transportation sector in China, reported a 62.5% increase in 3Q16 net profit to RM22.6 million ($4.7 million) from RM13.9 million a year ago.
The growth in net profit was mainly attributed to an increased share of profits from its associated company, CRRC Nanjing Puzhen Rail Transport (NPRT), which grew from RM2.5 million in 3Q15 to RM12.4 million in 3Q16.
Revenue rose 2.1% to RM420.8 million for the quarter as Midas’ new division, aluminium alloy stretched plates, made a maiden contribution of RM123 million for the quarter following its acquisition by the group.
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