KUALA LUMPUR (May 19): Based on corporate announcements and the news flow today, companies that are likely to be in focus tomorrow (May 20) might be as follows: Bintulu Port Holdings Bhd, Green Packet Bhd, Hibiscus Petroleum Bhd, Heineken Malaysia Bhd, Malayan Banking Bhd (Maybank), Malaysian Bulk Carriers Bhd (Maybulk), Leong Hup International Bhd, Pharmaniaga Bhd, Sunway Real Estate Investment Trust (Sunway REIT) and T7 Global Bhd.
Bintulu Port Holdings Bhd's net profit for the first quarter ended March 31, 2020 (1QFY20) sank 21% year-on-year (y-o-y) to RM31.07 million, from RM39.5 million, as it incurred higher tax expense and spent more on maintenance and operational supplies, as well as staff cost. Revenue, however, only saw a marginal decline of less than 1% to RM177.71 million from RM178.38 million.
The group has declared a two sen first interim dividend for FY20, payable on Aug 10.
Green Packet Bhd has reached a settlement agreement with MYTV Broadcasting Sdn Bhd over a dispute involving a 2018 contract to supply up to 3.6 million set-top boxes (STB) to MYTV for RM272 million. Under the settlement, Green Packet will supply STBs to MYTV for RM24.39 million, following the withdrawal of arbitration proceedings initiated over the dispute.
Hibiscus Petroleum Bhd’s net profit for the third quarter ended March 31, 2020 (3QFY20) declined 48.42% y-o-y to RM28.47 million, from RM55.18 million, as revenue retreated 22.23% to RM175.86 million from RM226.12 million.
For the nine months ended March 31, 2020 (9MFY20), its net profit more than halved y-o-y to RM95.94 million from RM205.29 million, while revenue shrank 19.2% to RM607 million from RM751.23 million.
Heineken Malaysia Bhd posted a 7.9% y-o-y increase in net profit for the first quarter ended March 31, 2020 (1QFY20) to RM56.96 million, from RM52.81 million, driven by effective Chinese New Year festive campaigns executed in January and February. The stronger earnings came despite revenue dipping to RM515.89 million from RM525.14 million previously, following a 50% drop in sales in March, after the temporary suspension of its Sungei Way Brewery operations during the movement control order (MCO) period.
However, it warned that its operating cash flow is expected to be significantly impacted in the second quarter and over the rest of the financial year, given slower cash collection from the trade, and weak demand from on-trade and tourism channels.
Malayan Banking Bhd's (Maybank) Indonesian unit, PT Bank Maybank Indonesia Tbk, reported a net profit growth of 29.7% to RM538.2 billion rupiah (RM160 million) for the first quarter ended March 31, 2020 (1QFY20), driven by higher fee-based income and sustained cost management. The unit's fee-based income grew 16% y-o-y to 597.6 billion rupiah from 515 billion rupiah, mainly contributed by global market-related fees, bancassurance, investment and e-channel transaction fees.
Malaysian Bulk Carriers Bhd (Maybulk) reported today a net profit of RM47.65 million for the first quarter ended March 31, 2020 (1QFY20), from a net loss of RM10.76 million a year earlier, after the group recorded a gain on liquidation of a subsidiary amounting to RM51.26 million.
Total revenue, however, was down at RM52.27 million from RM64.09 million. Net revenue, derived from subtracting voyage expenses from total revenue, stood at RM38.24 million, according to the company.
Leong Hup International Bhd's net profit for the first quarter ended March 31, 2020 (1QFY20) fell 64.03% y-o-y to RM21.79 million, from RM60.58 million, on the back of lower earnings from its livestock and other poultry-related products as a Covid-19-driven slump in demand impacted profit margins. Quarterly revenue fell 4.8% to RM1.43 billion from RM1.51 billion.
In particular, the group's earnings before interest, taxes, depreciation and amortisation (Ebitda) from livestock and other poultry-related products slumped by 94.9% due primarily to lower average selling prices (ASPs).
Pharmaniaga Bhd’s net profit for the first quarter ended March 31, 2020 (1QFY20) rose 14% y-o-y to RM22.4 million, from RM19.62 million, on the back of stronger demand in Indonesia. Quarterly revenue grew 4.3% to RM819.92 million from RM786.11 million. The group declared a first interim dividend of six sen for FY20, payable on June 30.
Sunway Real Estate Investment Trust's (Sunway REIT's) net property income (NPI) for the third quarter ended March 31, 2020 (3QFY20) declined 9% y-o-y to RM103.51 million, from RM113.77 million, as revenue fell 7.1% to RM140.8 million from RM151.5 million. This was due to the impact of Covid-19 on its retail and hotel segments. Net realised income for unitholders for 3QFY20 declined by 19.9% to RM60.66 million from RM75.76 million.
No income distribution was proposed for the quarter as the income distribution frequency of the REIT had been changed from quarterly to semi-annually to sustain the REIT through the current challenging period.
T7 Global Bhd secured two contracts worth over RM140 million from PTS Resources Sdn Bhd and Carigali Hess Operating Company Sdn Bhd.
Its contract from PTS Resources alone is worth RM140 million for the supply of systems and equipment. The duration of the contract is one year, commencing yesterday (May 18).
Its four-year contract from Carigali Hess — which commences on June 1 — is for the provision of onshore fabrication, offshore hook-up and commissioning for infill flow lines. The contract’s value will be based on work order requests from Carigali Hess.