(转贴) Shares in HB Global Ltd (fundamental: 0.2/3, valuation: 0.9/3) saw strong upward momentum yesterday as it surged 51% to its intraday high of 37 sen, despite the lack of new announcements.

The Practice Note 17 (PN17) company returned to the black with a net profit of about RM14 million for its financial year ended Dec 31, 2017 (FY17), as opposed to a net loss of RM16.05 million a year ago, as revenue grew 12% to RM104.48 million from RM93.62 million.

The group said the improved earnings were due to focusing its resources on the profitable food processing segment after it ceased its duck farming segment in July 2016.

Notably, the group posted a strong set of results in the fourth quarter of FY17, with a net profit of RM12.13 million, against a net loss of RM2.8 million in the previous corresponding quarter. Quarterly revenue jumped 46% to RM44.02 million from RM30.11 million, on higher sales of frozen vegetable products.