Shares of steelmaker Tashin Holdings Bhd rose 4.5 sen or 5.59% to 85 sen in this morning's trading session after the company's net profit jumped 16 -fold to RM12.23 million for the first quarter ended March 31, 2021 (1QFY21) from RM724. , 000 in the same period last year.
At 10.08am, the counter was up 82.5 sen, up 2 sen or 2.48%.
The counter, which is among the 30 most actively traded stocks to date, saw 16.58 million shares traded.
Yesterday, the company announced that its profits had increased due to higher demand and selling prices of steel products.
Its revenue for 1QFY21, however, jumped 55.2% to RM95.22 million from RM61.35 million last year mainly due to higher demand for the company's products.
"Faced with unforeseen circumstances, the board is optimistic that the company's outlook for the next quarter will remain positive and encouraging due to high demand for the steel and steel pipe manufacturing segment as well as increased sales orders from the automotive segment," the company said in a statement.
