Syros Pharmaceutical Services Ltd (SYSM), a pharmaceutical company based in Singapore, said today it posted a net profit of NT$3.7 billion ($3.4 billion) for the second quarter of 2017, a slight increase of 14% on the previous quarter. 

It is the third consecutive quarter of net profit, and its largest quarterly profit since the start of 2017. 

“We are excited to see continued momentum for the business and look forward to providing our customers with high-quality pharmaceuticals in the coming months,” SYSM chief executive Officer, Mr. Jie Peng said in a statement.

The company’s share price rose by 14% to NT$23.50. 

Its stock price is currently trading at NT$32.30, up 6% in 2018.SYSM’s stock had been trading below NT$20 in the fourth quarter of 2016. 

Analysts had expected a net loss of NT3.1 billion ($2.9 billion), but the profit was NT$1.6 billion, up 20% on a year ago. 

SYSM is currently owned by Singapore-based private equity firm Puneet Capital, but has also been listed on Hong Kong’s Shenzhen Stock Exchange.