KUALA LUMPUR (Nov 22): Bursa Malaysia suspended the intraday short selling (IDSS) of United U-Li Corp Bhd shares mid-way in the afternoon trade on Wednesday (Nov 22), after the stock dropped more than 15% or five sen from its reference price.

The local stock exchange said that IDSS will only be activated at 8.30am on Thursday (Nov 23).

Shares of the cable support system provider dropped to an intraday low of RM1.42 before easing to a close of RM1.49, for a loss of 16.29% or 29 sen, with 13.17 million shares done. At its current price, the company has a market capitalisation of RM328.17 million.

Year-to-date (YTD), the counter remains significantly up by 26.27%.

A day earlier, the group had announced a net profit of RM11.35 million for the third quarter ended Sept 30, 2023 (3QFY2023), a 16.13% rise from RM9.77 million a year earlier, on the back of higher profit margins achieved on goods sold from the cable support systems division during the quarter under review.

Quarterly revenue rose 11.57% to RM69.49 million from RM62.29 million, mainly driven by higher revenue contributions from both cable support systems and electrical lighting and fittings divisions.

The group declared a fifth single-tier dividend of 0.5 sen per share, payable on Dec 20, raising its YTD dividends for FY2023 to eight sen per share.

The group also said it plans to enhance its operations and improve its cash flow position, while optimising its revenue stream by expanding its customer base as downstream players start to replenish their inventories.