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Ge-Shen share price falls after reporting lower 3Q profit from a year earlier

KUALA LUMPUR (Nov 12): Ge-Shen Corp Bhd's share price fell over 8% in Bursa Malaysia afternoon trade on Friday (Nov 12) after the precision-component specialist reported on Thursday that its third quarter net profit dropped to RM1.3 million from RM2.19 million a year earlier.

At 2.46pm, Ge-Shen's share price fell 16 sen or 8.42% to RM1.74 with 2.52 million shares transacted.

At RM1.74, Ge-Shen has a market value of about RM191.43 million based on the company's 110.02 million issued shares.

Ge-Shen shares changed hands at between RM1.66 and RM1.85 so far on Friday.

Year-to-date, Ge-Shen's share price has, however, risen to current levels from the stock's closing price of 88 sen on Jan 4, 2021.

On Thursday (Nov 11, 2021), Ge-Shen said its revenue slipped to RM51.22 million in the third quarter ended Sept 30, 2021 (3QFY21) from RM57.35 million a year earlier.

For the nine months ended Sept 30, 2021 (9MFY21), Ge-Shen said cumulative net profit stood at RM7.7 million compared with a net loss of RM2.24 million a year earlier while revenue increased to RM181.91 million from RM125.33 million.


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