Iris 2Q profit rises 18%

Iris Corp Bhd’s net profit rose 18% year-on-year to RM7.3 million in the second quarter ended September 30, 2013 from RM6.2 million. Revenue climbed to RM131.4 million from RM124.5 million.

In a statement to Bursa Malaysia, Iris, a digital-identity specialist, said the higher interest cost, besides depreciation and amortisation had curbed profit growth.

Iris said its core business in digital idenfication, besides the group's electricity-generation operations reported higher revenue.

For the half-year period, Iris' net profit rose to RM14.9 million from RM14.5 million a year earlier while revenue climbed to RM265 million versus RM227 million.

Iris is optimistic of its core business. "For the coming financial year 2014, the prospects for the core business remain bright.

“The division’s revenue is expected to be derived mainly from the trusted identification projects, namely Malaysia e-Passport inlays, Nigeria e-Passport inlays, Tanzania e-ID cards project and Bangladesh MRP Passport project," Iris said.

IRIS, 0010, Last Monday after the general meeting, Managing Director Datuk Tan Say Jim asked by the media whether he will accept the offer to sell his shareholding to the new majority shareholder - Federal Land Development Authority (FELDA), he jokingly answer: "If the bid per share is RM2, I'll think about it. ”

His reply will naturally turn to laugh (As Iris current shares price is only 27 cents); However, Iris share price was once soared to RM1.39 during 2006. Datuk Tan's statement will make people curious about Iris which performance is now improving and also the recent entrepreneurial activities.

How far is Iris to RM2 given another 7 years from now?

During 2006, Iris had been gorenged to RM1.39 but later dropped to 20 cents within just one and a half months and many speculators have incurred huge damages.

Iris turnover growth over 230% during the past 10 years and achieved net profits of 119% growth, earnings per share growth 16.52%, are still higher than 10 years ago.

As a tech stocks, Iris celebrates its 20 anniversary this year in addition to the core identification technical operations, business in recent years has been diversify to, such as renewable energy power plants, smart village and the industrialized building system (IBS) was named by the market to be one of the major winners in 2014 budget because the Government is looking to strengthen all sectors of technology and promoting the development of rural areas. Iris is one of the strong candidates.

Maybe that's why Felda is willing to offer 28 cents to subscription 20% new shares while its price at that time is only 18 cents, Felda also acquire the 6% of the shareholding held by PNB in order to increased its shareholding to 26% to become the largest shareholder compare to Datuk Tan's shareholding of less than 10%.

Stocks Market is very unpredictable, no one could tell whether Iris will hit RM2 in the future, the only thing for sure is if the business performance continue to growth the stock prices will definitely reflect its intrinsic value one day.

~sin chew

Stay away from technology

Quite true, usually quite fast to mature into a " sunset company" ......

Today is KIng, tomorrow a nobody like Blackberry or Nokia

Exactly

but Iris has plan to venture into food industry & also property segment... their majority share holder is FELDA (not to be confuse with FGV lor)... Iris also bought versatile creative.

Iris = tecnology , food industry , property

ask urself why would Felda willing to buy Iris shares @ 28 sen, while the price at that time 26 - 27 sen a piece...

U hold how many shares?

200K...

U?

Nope
Just visitor

iris volume quite high today... any news that i missed??

maybe got some "good" news coming soon, contract from Felda again?

iris 31 sen now!!

you buy since when? may?

This post has been edited by BabyZebraCrossing: Jan 6 2014, 03:58 PM

no lah.... not may...


but... since jun 2013 @ 18 sen

wow almost 80% profit ...good move

hope this time REALLY fly

Lu tunggu apa lagi amoi.. Kasi jual la. X b greedy.

got contract almost 1 billion ringgit.

wait til reach my TP lor...

then only sell...

but i have to admit... feel a bit greedy now....

top volume today...

the price up to 34.5 sen now...