MTQ

MTQ: is +0.6% at $0.855, extending yday's +10.3% surge. The co on Thursday morning reported 1QFY13 net profit that surged more than 20 fold (albeit from a low base) to $4.7m. Revenue jumped 57% yoy to 438.4m, primary due to contribution from the Premier Group, which was acquired subsequent to 1QFY12. The Premier Group contributed ~30% of revenue in 1Q13. The incumbent businesses in Oilfield Engg and Engine Systems also did well. Gross margins also improved to 35.6% from 34.1% yoy, with the Bahrain operations seeing encouraging sales growth and profitability. On outlook, mgt says prospects are encouraging, as despite the dip in oil prices, drilling activity remains robust in the offshore sector. But says will remain cautious in its execution, considering the overall mkt uncertainties. The stock trades at 5.3x P/E.