Thursday, 19 April 2012

Hovid up 7%, earnings closely watched

KUALA LUMPUR (April 19) : HOVID BHD [] shares rose as much as 7% on Thursday morning, possibly, in anticipation that the pharmaceutical products manufacturer will announce better quarterly earnings next month.

The stock climbed 1.5 sen to 23.5 sen before trading lower at 23 sen at 10.26am with some three million shares done.

Bursa Malaysia had on January 17 this year removed Hovid from the Practice Note 17 (PN17) list after the regulator granted the firm a waiver from complying with the requirement to submit a regularisation plan to the authorities.

The waiver was granted after taking into account Hovid’s financial track record and the company’s distribution of its shares in loss-making unit CAROTECH BHD []. Hovid’s net profit rose more than seven fold to RM10.76 million in the second quarter ended December 31, 2011 from RM1.47 million a year earlier.

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