Services Bhd saw its third-quarter net profit rise 62.8% on higher transaction volumes from the online renewal of foreign workers’ permits, foreign workers rehiring programme services and foreign workers’ insurance from both FWP and FWR services. MyEG also attributed the improved quarterly earnings to higher revenue contribution from its motor vehicle trading related services. Net profit grew to RM53.9 million or 1.5 sen per share in the third financial quarter ended March 31, 2017 (3QFY17) from RM33.1 million or 0.9 sen per share in 3QFY16. For the cumulative nine months (9MFY17), MyEG reported a 54.5% increase in net profit to RM142.03 million from RM91.92 million a year ago, while revenue rose 37.1% to RM266.48 million from RM194.36 million. MyEG shares closed down five sen or 2.2% at RM2.20 today for a market capitalisation of RM7.9 billion.

Source: The Edge Markets May 30, 2017 12:11 UTC