May 12, 2011

WASEONG - Wah Seong up after 1Q net profit surge

Stock Name: WASEONG
Company Name: WAH SEONG CORPORATION BHD
Research House: OSK

KUALA LUMPUR: WAH SEONG CORPORATION BHD [] shares rose on Thursday, May 12 after its net profit for the first quarter ended March 31, 2011 surged to RM43.37 million from RM17.02 million a year ago, due to increasing activities recorded in all divisions of the group, especially in the pipeline services division.

At 11.40am, Wah Seong added four sen to RM2.22 with 1.47 million shares traded.

Its revenue for the quarter increased''by 19.8% to 490.89 million from RM409.62 million. Earnings per share were 5.83 sen while net asset per share was RM1.31.

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