Friday 29 Mar 2024
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KUALA LUMPUR (Dec 8): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Dec 9) could include: EcoWorld, SapuraKencana, AirAsia, Gamuda, Poh Kong, Mitrajaya, Masteel, Bermaz Auto and MQ Technology.

Eco World Development Group Bhd (EcoWorld) reported a net profit of RM29.35 million or 1.21 sen per share in the fourth quarter ended Oct 31, 2016 (4QFY16), a 49% increase from RM19.69 million or 0.83 sen per share reported in the last quarter of the preceding year on strong sales achieved in current and prior years, and the steady progress of on-site construction works with 11 ongoing projects.

Revenue rose 8.7% to RM740.98 million from RM681.93 million in 4Q2015.

For the cumulative 12 months ended Oct 31, 2016, EcoWorld achieved a profit before tax (PBT) of RM193.2 million, on the back of revenue totalling RM2.55 billion, which is a 161.3% increase in PBT and 48.7% increase in revenue, compared with the preceding year.

For FY2017, EcoWorld targets to achieve 100% of sales value at RM4 billion gross sales from all its Malaysian development projects (including joint-ventures).

SapuraKencana Petroleum Bhd's net profit for the third quarter ended Oct 31, 2016 (3QFY17) rose 22% to RM158.06 million from a year earlier, in the absence of asset impairment provision.

Meanwhile revenue fell to RM2.22 billion, from RM2.89 billion.

Cumulative 9MFY17 net profit fell 23% to RM380.64 million from RM494.63 million a year earlier. Revenue fell 26.54% to RM5.84 billion versus RM7.95 billion.

Looking ahead, SapuraKencana said it expects a challenging oil and gas sector on prolonged low levels of capital spending, amid still-low crude oil prices at about US$50 (about RM221) a barrel.

AirAsia Bhd today inked a maintenance, repair and overhaul (MRO) deal worth US$105 million with Air France's unit to service its growing fleet of Airbus A320neo jets.

The 10-year agreement with Air France Industries KLM Engineering & Maintenance (AFI KLM E&M) is the first maintenance contract signed for the new A320neo jets.

It also boosts the working relationship between AirAsia and AFI KLM E&M, which is already servicing the A330s fleet operated by AirAsia X, the group's listed long-haul subsidiary.

AirAsia's group chief executive Tan Sri Tony Fernandes said the support contract is "one of the biggest deals" the group has inked with an MRO service provider.

Gamuda Bhd group managing director Datuk Lin Yun Ling said he was unaware that the proposed Penang Transport Master Plan's (TMP) original RM27 billion cost had exceeded RM40 billion as reported.

Gamuda has a 60% stake in SRS Consortium, which is the project delivery partner (PDP) for the TMP. Ideal Property Development Sdn Bhd and Loh Phoy Yen Holdings Sdn Bhd each has a 20% stake in SRS.

In July this year, SRS confirmed that the initial cost of RM27 billion for the TMP had ballooned to an estimated RM46 billion, after additional components were added by Seberang Perai Municipal Council.

Lin also said that the group is seeking closure on the takeover of Syarikat Pengeluar Air Selangor Holdings Sdn Bhd (SPLASH), in which the infrastructure group has a 40% stake, by the Selangor state government.

Lin added that he welcomes the move by the federal government to appoint an international expert to conduct an independent valuation on the water asset.

Poh Kong Holdings Bhd’s net profit for the first quarter ended Oct 31, 2016 (1QFY17) jumped five-fold to RM1.8 million or 0.43 sen a share, from RM336,000 or 0.08 sen a share a year earlier, due to increase in sales and improvement in profit margin.
 
Revenue climbed 7.6% to RM185.5 million from RM172.3 million, mainly due to stable demand for gold jewellery, aided by higher retail gold prices and additional revenue from new outlets, the group said in a filing with Bursa Malaysia.
 
Poh Kong expressed optimism in maintaining its growth and leading position in Malaysia, despite challenging and competitive conditions in the domestic jewellery market.

Mitrajaya Holdings Bhd (MHB) and its wholly-owned subsidiary Kemajuan Sekim Baru Sdn Bhd are objecting to the government's offer of RM31.5 million for its land in Kota Tinggi, Johor.

Mitrajaya said they will negotiate with the relevant parties “to ensure that a fair compensation is received”.

It said the government had made an offer to pay RM31.5 million for the compulsory acquisition of its land to develop the Pengerang Integrated Petroleum Complex.

Malaysia Steel Works (KL) Bhd (Masteel) and its three executive directors have been publicly reprimanded and fined a total of RM130,500 by Bursa Malaysia Securities Bhd for breaching listing requirements.

According to a bourse filing, Masteel managing director Datuk Seri Tai Hean Leng @ Tek Hean Leng, executive directors Lee Kean Binh (who resigned on Sept 30, 2015) and Lau Yoke Leong were reprimanded and fined RM43,500 each.

Masteel was accused of failing to release its audited accounts and annual report for the financial year ended Dec 31, 2014 (FY14) by April 30, 2015, and instead announced it on June 19, 2015.

It was also accused of failing to announce its 2015 first quarter report by May 31, 2015 and instead announced it on July 2, 2015.

Masteel said its delay in making the announcements was because it failed to resolve audit issues with the external auditors.

The auditors could not express their opinion on the annual audited report for FY14 where the veracity of sales transactions recorded by Masteel with certain customers showed total outstanding balances of RM287.2 million as at Dec 31, 2014, it said.

Bermaz Auto Bhd saw its net profit for the second quarter ended Oct 31, 2016 (2QFY17) fall 42.3% to RM30.6 million or 2.67 sen per share, from RM53.1 million or 4.66 sen per share a year ago, on lower revenue and compressed profit margin as the ringgit continued to slide against the yen.

This was however mitigated by improved profit contribution from its Philippine subsidiary and an associate company.

Revenue fell 12.8% to RM473.2 million from RM542.4 million mainly due to lower sales volume recorded by the Malaysian operations as a result of softer demand for passenger cars, said the group, formerly known as Berjaya Auto Bhd, in a filing today.

Nevertheless, it has recommended a higher second interim dividend of 2.75 sen per share, payable on Jan 25.

Bermaz today also proposed to list its indirect subsidiary, Bermaz Auto Philippines Inc (BAP) on the main board of the Philippine Stock Exchange by the first half of 2017, to unlock the value in BAP and provide a transparent benchmark for the Mazda automotive business of Bermaz Auto in the Philippines.

At MQ Technology Bhd, Robbie Hari Krishnan Tatparanandam has been appointed as an executive director in the Penang-based maker of moulds, tools, dies, jigs and fixtures, effective today.  

Robbie is the nephew of tycoon T Ananda Krishnan, the second richest man in Malaysia who is known for his flagships Maxis Bhd and Astro Malaysia Holdings Bhd.

According to MQ Technology’s filing to Bursa Malaysia today, Robbie, 40 is presently an executive producer with Astro, where his role is focused on branding and content development.

He has over 15 years of business development, management and production experience.

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