KUALA LUMPUR (Feb 23): Based on corporate announcements and news flow today, companies in focus on Monday (Feb 26) may include: Cahya Mata Sarawak Bhd, Felda Global Ventures Holdings Bhd, IOI Corp Bhd, Scomi Engineering Bhd, Tadmax Resources Bhd, Kuantan Flour Mills Bhd, Scientex Bhd, Vsolar Group Bhd, Dayang Enterprise Holdings Bhd, Encorp Bhd, WTK Holdings Bhd, YTL Corp Bhd and Lafarge Malaysia Bhd.
Cahya Mata Sarawak Bhd's (CMSB) net profit fell 35.2% to RM65.8 million in the fourth quarter ended Dec 31, 2017 (4QFY17) from RM101.51 million a year ago, mainly due to the higher production cost of cement, provision for soil erosion remedial works and the lower share of results of joint ventures.
Quarterly revenue, however, grew 30.8% to RM588.19 million in 4QFY17 from RM449.54 million a year ago.
The group declared the first and final dividend of eight sen per share for the financial year ended Dec 31, 2017 (FY17), subject to shareholders' approval at the forthcoming annual general meeting.
For the financial year ended Dec 31, 2017 (FY17), CMSB posted a 27.2% increase in net profit to RM215.24 million from RM169.18 million a year ago, while revenue grew 3.6% to RM1.61 billion from RM1.55 billion in FY16.
Felda Global Ventures Holdings Bhd's (FGV) net profit declined 31.9% to RM76.57 million in the fourth quarter ended Dec 31, 2017, from RM112.46 million a year ago, as the group's non-controlling interests were entitled to the higher share of profit after tax for the quarter under review.
FGV said revenue for 4QFY17 amounted to RM4.28 billion, which was 17% lower than RM5.15 billion in 4QFY16.
For the financial year ended Dec 31, 2017 (FY17), FGV's net profit jumped more than four times to RM143.73 million from RM31.47 million in FY16, despite revenue declining 1.5% to RM16.97 billion, from RM17.24 billion over the same period.
IOI Corp Bhd's net profit in its second financial quarter ended Dec 31, 2017 (2QFY18) skyrocketed over 37 times to RM595.9 million from RM15.6 million previously, thanks to fair value gain on derivative financial instruments and foreign exchange (forex) gains on foreign currency-denominated borrowings.
The group declared an interim dividend of 4.5 sen per share, with an ex-date of March 16 this year, and payable on March 30.
Revenue fell 4.26% to RM2.4 billion in 2QFY18, from RM2.51 billion a year ago.
In the first half of FY18 (1HFY18), the group's net profit jumped more than seven times to RM955.9 million from RM120.4 million in the previous corresponding period, despite revenue falling 4.78% to RM4.61 billion from RM4.84 billion over the same period.
After nearly 22 years as a public-listed company, loss-making Scomi Engineering Bhd announced its shares will be delisted next Wednesday (Feb 28), following a successful merger with its parent company.
Its shares will be removed from the official list of Bursa Securities on Monday, pursuant to Paragraph 16.07(b) of the Main Market Listing Requirements.
Tadmax Resources Bhd, whose losses widened in the first nine months of 2017, expects to be on a better footing this year with the bulk of the group’s short-term financial commitments largely resolved.
Shareholders of Tadmax today gave the group the go-ahead to issue up to 245.13 million shares — representing some 31% of its enlarged share capital — through private placement and capitalisation exercises after it scrapped a two-for-five rights issue with warrants proposed previously.
The group is banking on its property segment — particularly Mizumi Residences in Puchong — to return to the black in its financial year ending Dec 31, 2018 (FY18).
Kuantan Flour Mills Bhd (KFM) has entered into a Memorandum of Understanding (MoU) with MCM Petcare Sdn Bhd for a proposed collaboration between the two parties, as KFM eyes expanding into the pet food business.
KFM said the parties could team up via a business collaboration agreement or a direct acquisition of a majority equity interest in MCM.
It said the collaboration could see KFM being involved in the trading and retailing of pet food products, and potentially expand into the manufacturing of the products.
Scientex Bhd has proposed to acquire Klang Hock Plastic Industries Sdn Bhd (KHPI) for RM190 million cash, as the group aims to expand its product portfolio in the plastic packaging segment.
The manufacturer and property developer said its wholly-owned subsidiary Scientex Packaging Film Sdn Bhd had entered into an agreement with vendors Law Wan Hong @ Lew Wan Hong, Ng Boon Eu, Lew Pei See @ Law Pei See and Lew Pei Lin @ Law Pei Lin to acquire the entire 20 million shares in KHPI.
Vsolar Group Bhd has aborted a plan to build a solar power generation plant with a capacity of up to 30 megawatts (MW) at Universiti Teknologi Malaysia (UTM).
Vsolar said both parties have mutually terminated the joint venture agreement (JVA) signed on April 11 last year. No reason was given for the termination.
Dayang Enterprise Holdings Bhd slipped back into the red with a record quarterly net loss of RM54.25 million reported for the fourth quarter ended Dec 31, 2017, compared to a net profit of RM46.71 million, as its profit margin declined on lower charter rates.
Quarterly revenue fell 12.8% to RM173.76 million versus RM199.2 million in 4QFY16 due to lower work orders received and performed.
For the full FY17, the group sank into its first full-year net loss of RM143.93 million compared with a net profit of RM54.54 million the previous year. Revenue for FY17 was down by 2% to RM695.5 million from RM708.2 million in FY16 as work orders received and performed were lower in value.
Encorp Bhd, which posted its second straight quarterly loss in the fourth quarter ended Dec 31, 2017, announced today the resignation of its group chief executive officer (CEO) Datuk Zakaria Nordin, following the expiry of his contract.
Encorp reported a net loss of RM28.22 million for 4QFY17, compared with a net profit of RM16.64 million a year ago, mainly due to lower on-going projects, reduced sales of properties from the current project and no improvement to the number of tenancies for its Encorp Strand Mall in Petaling Jaya, Selangor.
Quarterly revenue for 4QFY17 also fell 26.5% to RM106.34 million in 4QFY17 from RM144.77 million a year earlier.
For the full year, the group posted a net loss of RM30.42 million compared with a net profit of RM28.41 million the previous year on the back of a 12.9% decline in revenue to RM312.94 million from RM359.25 million in FY16.
WTK Holdings Bhd said the winding up of its wholly-owned unit Alanya Marine Ventures Sdn Bhd (AMV) will result in a loss of approximately RM51 million for the first financial quarter ending March 31, 2018.
WTK said the RM51 million figure was arrived at after taking into account an impairment loss of approximately RM136 million as well as a gain on deconsolidation of AMV of RM85 million.
YTL Corp Bhd’s net profit fell 14% to RM126.09 million or 1.2 sen per share for the second quarter ended Dec 31, 2017 (2QFY18) from RM147.69 million or 1.42 sen per share in 2QFY17.
Revenue for the quarter increased 7% to RM3.89 billion from RM3.62 billion in the previous corresponding quarter.
The decline in performance was due to lower profit contribution from the construction, cement manufacturing, hotels and utilities segments.
For the six months to Dec 31, net profit fell 10% to RM268.99 million from RM298.02 million in the same period a year earlier, while revenue climbed 10% to RM7.83 billion from RM7.11 billion.
Lafarge Malaysia Bhd announced it swung into a net loss for the first time since 1999 after it posted a fourth consecutive quarter of net losses hit by higher costs amid weaker demand for its cement products.
The group recorded net losses of RM80.12 million for its fourth quarter ended Dec 31, 2017, compared to a net profit of RM33.94 million in 4QFY16.
Quarterly revenue shrank 9.4% to RM576.36 million compared with RM636.37 million in the corresponding quarter last year.
For its full financial year ended Dec 31, 2017, Lafarge made a net loss of RM215.16 million compared to a net profit of RM76.67 million the year before. Revenue, meanwhile, fell 11.9% to RM2.25 billion, from RM2.55 billion a year ago.