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Hot stock: Best World jumps 8.3% on higher earnings and dividends

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Hotstock: Best World jumps 8.3% on higher earnings and dividends

Chief operating officer Huang Ban Chin said: "Despite ony a half year contribution from the franchise segment, China remains the top performing market for the group. We believe that we will achieve both top and bottom lines growth for FY2019, largely driven by full-year contribution from the China franchise segment."BEST World International shares rose as much as 8.3 per cent on Wednesday after the direct selling group posted a fourth-quarter net profit of S$28.1 million, up 28.

The shares gapped up to open at S$2.65 on Wednesday, and last traded at S$2.70, up 6.72 per cent on volume of 9.68 million as at 10.40am. The counter closed at S$2.53 on Tuesday, after gaining 14.48 per cent over the day as the market anticipated good results and a dividend bump.Management delivered on its promise in proposing a final dividend of 4.2 Singapore cents per share, as well as a special dividend of 0.8 Singapore cents per share.

The group added:"As a result, we expect higher professional fees and other realted expenses in FY2019 compared to the same period last year."

 

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