HG METAL HITS RECORD HIGH AFTER STRONG H1
HG Metal Manufacturing Ltd , which makes steel products, gained as much as 6.2 percent to an all-time high of S$0.43 after the the firm more than tripled its half-year net profit, dealers said.
More than 16 million shares changed hands by 0656 GMT.
HG Metal said its half-year earnings soared on the back of higher steel prices and greater demand for its steel products from the construction, shipbuilding and ship repair industries.
"Barring unforeseen circumstances, the group is on track to achieve record annual sales revenue and profitability for FY2008," the company said in a press release. "Besides organic growth, the group will continue to look for strategic alliances and possible M&A ventures."