Mieco Chipboard's shares fall despite three-fold jump in Q3 earnings

PETALING JAYA: Mieco Chipboard Bhd’s shares fell 0.85% this morning despite announcing a three-fold jump in its third quarter earnings.
At 10.41am, its share price fell 0.85% or 1 sen to RM1.17 with a total of 1871800 shares traded. The stock rose 2.61% or 3 sen to close at RM1.18 yesterday with a total of 5.93 million shares traded.
For the third quarter ended Sept 30, 2017, the group’s net profit jumped more than three-fold to RM15.62 million from RM4.23 million a year ago driven by higher selling price and improved production efficiency.
The group told Bursa Malaysia that its performance a year ago was also lower due to higher production reject and repair and maintenance cost.
Revenue for the quarter rose 11.10% to RM101.13 million from RM91.03 million a year ago mainly due to the continued strong selling prices from plainboard.