Green Packet rises more than 9% on 1Q net profit

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KUALA LUMPUR: Green Packet Bhd saw its share price rise 9.68% in afternoon trades today, after reporting net profit for its first financial quarter ended Sept 30.

As at 2.58pm, the stock had risen three sen to 34 sen, with some 21.9 million shares changing hands.

The mobile internet infrastructure developer posted a net profit of RM98.16 million for the first quarter ended Sept 30, reversing the loss of RM29.7 million in the previous corresponding quarter.

According to the group's 2014 annual report, it has been posting losses since 2009.

The company's profit had been boosted by divestment gains of RM152.68 million, from the reduction of its holdings in its subsidiary Packet One Networks (M) Sdn Bhd.