Company Name: QL RESOURCES BHD
Research House: OSK
In a research note today, OSK said the increase was to factor in a higher crude palm oil (CPO) price.
It said QL's three divisions reported robust sales growth, with sales of marine products rising 28.6 per cent to RM338.3 million on higher volume and selling prices of the products.
"Turnover at the integrated livestock division rose to RM706.7 million on higher raw material sales and higher selling prices.
"The palm oil division fared better, with sales rising to RM229.2 million on higher average CPO price," it said.
For the third quarter ended Dec 31, 2010, QL's pre-tax profit rose to RM44.39 million from RM40.01 million in the same period in 2009. Its revenue increased to RM450.94 million from RM370.13 million previously.
OSK said it would maintain its 'buy' call on the stock at RM3.51. -- Bernama