KUALA LUMPUR (Oct 27): Based on corporate announcements and news flow today, stocks in focus on Monday (Oct 30) may include: Hua Yang, Nova MSC, Red Ideas, Lii Hen, Yinson and YFG
Affordable housing developer Hua Yang Bhd saw its net profit plunge 97% to RM584,000 in its second quarter ended Sept 30, 2017 from RM16.95 million a year earlier, due to fewer ongoing projects and lower sales.
Revenue dropped 56% to RM45.22 million, from RM102.77 million, while earnings per share fell to 0.17 sen from 4.82 sen.
Cumulative first half net profit dropped 94% to RM2.3 million, from RM40.86 million in the previous corresponding period, while revenue decreased 60% to RM93.15 million from RM230.73 million.
Nova MSC Bhd has won the tender to develop and maintain a Construction and Real Estate Network System 2.0 in Singapore for S$26.85 million (RM83.2 million).
It said its subsidiary novaCITYNETS Pte Ltd was awarded the tender by the Singapore Building and Construction Authority .
Under the tender, novaCITYNETS will revamp, design, develop, supply, install, test and maintain the network system there.
Mobile community security communication software developer Red Ideas Holdings Bhd has fixed the issue price of its placement shares at 35 sen per share.
Red Ideas aims to raise some RM7 million through Bursa Malaysia's newly-launched Leading Entrepreneur Accelerator Platform (LEAP) Market.
Lii Hen Industries Bhd said a fire occurred at the second premises of Favourite Design Sdn Bhd, a major wholly-owned subsidiary of the company in Kawasan Perindustrian Bukit Pasir, Muar, Johor, this afternoon.
It said the fire was brought under control. The premises is housed within eight blocks of single-storey furniture factory buildings, together with a three-storey office block.
"The financial impact of this incident is being assessed and the announcement will be made once it has been determined," the group said.
Yinson Holdings Bhd said it is in talks with JX Nippon Oil & Gas Exploration (M) Ltd and TH Heavy Engineering Bhd in connection with the group taking over the floating production storage and offloading vessel (FPSO) vessel charter for JX Nippon by itself.
The group said this in response to queries by Bursa Malaysia following a report by a local business publication.
Yinson added the group is constantly exploring and evaluating business opportunities in its home market to expand its FPSO business, including exploring redeployment opportunities for its fleet.
"This opportunity is one of the few Malaysian proposals which the company is currently evaluating. The proposal remains in the discussion stage," it added.
YFG Bhd managing director Leong Choon Meng is stepping down from his post on Nov 2 to "pursue other personal interest".
Leong, 53, was appointed to the post on Jan 11, 2017, replacing Teh Yee Joo, who was redesignated as non-independent non-executive director of the Practice Note 17 (PN17) company.
YFG fell into PN17 status two years ago after its auditors expressed an emphasis on the company's ability to continue as a going concern, while the company's shareholders' equity shrank to less than 50% of its issued and paid-up capital.
It is set to submit a proposed regularisation plan by end-October after Bursa Securities granted it more time to do so, failing which it will be de-listed.