KUALA LUMPUR (Jan 23): Based on corporate announcements and news flow today, companies that may be in focus on Thursday (Jan 24) may include: Genting Malaysia Bhd, Sunway Bhd, Zhulian Corp Bhd, AirAsia Group Bhd, Malaysia Airports Holdings Bhd, Alam Maritim Resources Bhd, CIMB Group Holdings Bhd, Hua Yang Bhd and IGB Real Estate Investment Trust (REIT).

Fox Entertainment Group LLC, Twentieth Century Fox Film Corp and FoxNext LLC (Fox) have filed a US$46.4 million counter claim against Genting Malaysia Bhd’s suit against them for breach of contract at the US District Court, Central District of California.

Its counter claim is in respect of annual licence fees, guarantee amounts or royalties and travel reimbursements pursuant to a Memorandum of Agreement (MoA) dated June 1, 2013, as well as consequential damages, reasonable costs and other relief under applicable law.

Genting Malaysia said it is in the process of reviewing the counter claim with its legal counsels and intends to file a timely response.

Sunway Bhd, in a joint venture with Singapore's Hoi Hup Realty Pte Ltd, has secured a 2.5-hectare piece of land in Tampines, Singapore for S$434.45 million (RM1.32 billion) for the development of executive condominiums.

Sunway said the Housing and Development Board of Singapore yesterday awarded the land parcel at Tampines Avenue 10 for a 99-year lease term to Sunway's indirect wholly-owned subsidiary Sunway Developments Pte Ltd (SDPL) in Singapore and Hoi Hup, following a successful tender for the land jointly submitted by the two parties.

The land will be acquired by a proposed new joint venture (JV) company to be incorporated, in which Hoi Hup and SDPL will have an equity interest in the proportion of 65:35. SDPL’s cost of investment in the JV is S$65 million (RM197.75 million).

Zhulian Corp Bhd’s fourth quarter net profit grew 37.91% to RM15.83 million from RM11.48 million a year earlier, on lower income tax expense. Quarterly revenue, however, fell 23.69% to RM45.03 million from RM59.01 million a year ago.

The group declared a fourth interim dividend of two sen per share and a special dividend of two sen per share, both payable on March 6.

For the full financial year, Zhulian’s net profit fell a marginal 0.85% to RM52.36 million from RM52.81 million. Revenue was down 10.83% to RM183.41 million from RM205.69 million.

AirAsia Group Bhd is seeking more than RM400 million in counter-claims against Malaysia Airports Holdings Bhd in response to a suit filed by the airport operator last month over outstanding airport taxes.

The counter-claims are for losses and damages experienced by AirAsia and its long-haul sister airline, AirAsia X Bhd, due to operational disruptions at klia2.

MAHB had, in December last year, sued the low-cost carrier and AirAsia X for a combined RM36.11 million for unpaid airport taxes or passenger service charges (PSC) for international departures.

Alam Maritim Resources Bhd’s unit Alam Maritim (M) Sdn Bhd has secured work orders worth some RM24.62 million from Petronas Carigali Sdn Bhd for the provision of three platform supply vessels.

Alam Maritim said the work orders are expected to contribute positively to its earnings and net tangible assets for the financial year ending Dec 31, 2018 (FY18) to FY23.

CIMB Group Holdings Bhd is selling its indirect 51% equity interest in insurance broker CIMB Howden Insurance Brokers Sdn Bhd to its partner HBG Malaysia Sdn Bhd (Howden) for RM59.6 million.

CIMB said the proposed divestment is in line with the group's aspirations to further streamline and focus on its core banking businesses. Upon completion of the proposed divestment, CIMB Howden will cease to be an associate of CIG.

Developer Hua Yang Bhd reported a net profit of RM5.77 million in the third quarter ended Dec 31, 2018 against a net loss of RM815 million in the previous year, owing to better pricing and marketing strategy. Revenue improved 37% to RM68.42 million from RM49.91 million a year ago.

For the nine months ended Dec 31, net profit spiked nearly fivefold to RM8.68 million from RM1.77 million previously, while revenue jumped 41% to RM199.51 million from RM141.3 million.

IGB Real Estate Investment Trust’s (REIT) net profit for the fourth quarter ended Dec 31, 2018 slipped 9.9% to RM105.51 million, from RM117.13 million a year earlier, due to a lower revaluation surplus on investment properties.

The group declared a distribution per unit (DPU) of 2.28 sen for the quarter, payable on Feb 28.

For the full financial year, IGB REIT saw a 2.8% decline in net profit to RM333.75 million, from RM343.37 million a year earlier, on a lower revaluation surplus on investment properties, as well as a one-time write back of step-up interest in the previous year.