Home Capital Results

Midas sees 3Q earnings rise 63% to $4.7 mil on higher contributions from associate

Michelle Zhu
Michelle Zhu11/14/2016 07:15 PM GMT+08  • 2 min read
Midas sees 3Q earnings rise 63% to $4.7 mil on higher contributions from associate
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
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now