This article first appeared in The Edge Financial Daily, on June 3, 2016.
Green Ocean Corp Bhd (+ve)
SHARES in Green Ocean Corp Bhd (fundamental: 1.35/3, valuation: 0.3/3) closed unchanged at 9.5 sen yesterday, with 2.63 million shares traded. This is higher than the 200-day volume of 285,659 units.
The counter has gained investor interest since May 27, which saw 5.58 million shares traded on that day, with trading volume ranging between two million and three million shares.
The group is principally engaged in information, communications and technology (ICT) services. It also operates an integrated palm kernel crushing facility in Klang, Selangor.
For the first quarter ended March 31, 2016 (1QFY16), Green Ocean’s net profit doubled to RM701,000 from RM349,000 a year ago in tandem with the higher trading activities in palm oil. The operations of the palm kernel crushing activities, however, continued to incur losses due to their low production levels.
The group recorded higher revenue of RM72.30 million in 1QFY16 from RM19.39 million in 1QFY15, mainly due to higher trading activities in palm oil products.
GOCEAN (0074) - Stock With Momentum: Green Ocean Corp