Formosa Prosonic shares rise 8.18% on higher Q3 earnings

PETALING JAYA: Formosa Prosonic Industries Bhd, which recorded a 98% jump in its third quarter earnings, saw its share price rise 8.18% this morning.
At 11.42am, its share price was 8.18% or 13 sen higher at RM1.72 with a total of 2.22 million shares traded. The stock closed unchanged at RM1.59 yesterday with a total of 681,100 million shares traded.
For the third quarter ended Sept 30, 2017, the group’s net profit surged 98.35% to RM14.58 million from RM7.35 million a year ago due to higher sales volume and lower operating costs.
It said that the sales of musical instrument components were the main growth driver while sales growth for audio systems and components was modest.
Revenue for the quarter rose 42.92% to RM153.30 million from RM107.26 million a year ago on the back of higher sales and average selling price.