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Wednesday, October 14, 2020 – 12:44 pm
Shares of medical products provider Medtecs International advanced even further on Wednesday, following stellar third-quarter financial results driven by explosive demand for personal protective equipment (PPE).
Shares traded on Catalist rose as much as 7.4 percent or S $ 0.11 to hit S $ 1.59 at around 11:45 am.
It fell slightly to trade at S $ 1.57 at noon, down 6.1 percent or S $ 0.09 from Tuesday’s close, with 32.1 million shares changing hands.
The counter was the most traded by value on the Singapore Stock Exchange and posted the fourth highest volume.
More than 70 large transactions, each worth more than S $ 150,000, were registered during the morning session, according to data from Shareinvestor.
Medtecs shares have rebounded this year following the start of the Covid-19 outbreak, as investors piled on the beneficiary of the pandemic. The share price has soared 4.140 percent so far this year, from S $ 0.037 at the end of last year.
Medtecs reported Tuesday after the market closed that its revenue had risen to $ 124.6 million for the three months ended September, increasing 636 percent from the previous year. Net income increased 1,115 times to $ 45.7 million in the quarter.
The coronavirus pandemic has caused an increase in the global demand for PPE. The company said it expects this demand to remain strong, given that the outlook for a safe and effective Covid-19 vaccine is still uncertain.
This year, amid the Covid-19 outbreak, Medtecs provided integrated one-stop-shop services to meet customer demand for head-to-toe protection by complementing its existing products with those of other providers.
He also used e-commerce platforms and data analytics to search for potential customers and new suppliers.
In addition, Medtecs developed its own “CoverU” PPE line. Sales of products with its own label in the first nine months of 2020 accounted for more than 68 percent of the group’s total sales, Medtecs noted Tuesday.
“With indicative long-term orders available and commodity prices stabilizing, the company expects to report record revenue and earnings in the fourth quarter and the financial year ending December 31, 2020.”
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