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Feytech's Profit Soars 129% in Q1; Shares Rally 7%

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Feytech (KLSE:FEYTECH) posted a 129% annual surge in profit before tax to 6.1 million ringgit for the first quarter, according to a Tuesday Malaysian bourse filing.

Shares jumped about 7% in Wednesday's afternoon trade.

The growth was supported by stronger revenue growth and improved margins, the automotive cover and seat manufacturer said.

The group's revenue rose 32% to 38.9 million ringgit, driven mainly by its automotive seat segment, which expanded 68.9%. Gross profit margin improved to 27.2% from 20.% a year earlier.

During the quarter, Feytech secured a new seat cover supply contract with Proton (KLSE:PROTON) for an upcoming model. The 84-month deal is expected to generate about 96.8 million ringgit in revenue.

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