Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 19): Based on corporate announcements and news flow today, stocks in focus on Friday (Sept 20) may include Eco World Development Group Bhd, Eco World International Bhd, AirAsia Group Bhd, AirAsia X Bhd, Malaysia Airports Holdings Bhd, KESM Industries Bhd, Prinsiptek Corp Bhd, Kejuruteraan Asastera Bhd, Media Prima Bhd, Perisai Petroleum Teknologi Bhd and PUC Bhd.

Eco World Development Group Bhd's third quarter ended July 31, 2019 (3QFY19) net profit jumped 81.6% to RM50.48 million from RM27.8 million a year ago due to a higher proportion of completed or near completion units sold, and a higher percentage of completion attained by various ongoing projects. Quarterly revenue grew 14.7% y-o-y to RM521.37 million.

For the nine-month period (9MFY19), net profit rose by 51.2% to RM121.97 million on the back of a 2.1% rise in revenue to RM1.56 billion.

Eco World International Bhd (EWI) saw its 3Q net profit shoot up by more than four-fold to RM57.94 million from RM12.85 million a year ago. Revenue for the quarter was RM224,000. There was no comparable revenue in the year-ago quarter.

EWI derives most of its revenue from its joint venture projects and the group said the higher profitability was mainly due to higher recognition of revenue and profit by its joint venture projects in the United Kingdom, following completion and commencement of handover of units sold to customers.

Additionally, the group also attributed its performance in the quarter under review to the commencement of revenue and profit recognition of EcoWorld London’s Build-to-Rent (BtR) sales and unrealised foreign exchange gain reported in current quarter, as opposed to unrealised foreign exchange loss reported in previous corresponding quarter.

Cumulatively, EWI recorded a net profit of RM68.71 million in 9MFY19 versus a net loss of RM23.78 million a year ago.

AirAsia Group Bhd and AirAsia X Bhd (AAX) have collectively paid RM41.55 million to Malaysia Airports Holdings Bhd (MAHB) in uncollected passenger service charges (PSC).

AirAsia Group paid RM14.16 million to MAHB’s wholly-owned subsidiary Malaysia Airports (Sepang) Sdn Bhd (MASSB), while AAX paid RM27.39 million, both being the amounts specified in a court Garnishee Show Cause Order dated Aug 23 this year.

The long-running US-China trade war has further dampened earnings of KESM Industries Bhd, which reported a drop in net profit for the sixth consecutive quarter as net profit slumped 79.75% to RM2.29 million in the fourth quarter ended July 31, 2019 (4QFY19) from RM11.32 million a year ago.

The burn-in and test service provider said the group’s lower earnings were due to lower demand for burn-in, testing and electronic manufacturing services because of market weakness, the result of tariff hikes by the US and China. Quarterly revenue was 16.84% lower at RM70.91 million.

Net profit for the full-year 2019 tumbled 84.05% to RM6.28 million. The group proposed a final dividend of 6 sen per share.

Esa Pile Sdn Bhd, a unit of Prinsiptek Corp Bhd (PCB) has teamed up with QSE Construction Sdn Bhd to develop the Langat 2 water treatment plant and water reticulation system in Selangor and Kuala Lumpur. The project, awarded to PCB on June 25, 2019, is worth RM24.9 million.

PCB is entitled to 92.5% of the contract sum and will fund the working capital for the project, while QSE will be the contract manager for the water treatment plant and water reticulation system. Esa Pile is project manager and contractor for the project which will last two years and is set to be completed in the third quarter of 2021.

Kejuruteraan Asastera Bhd's (KAB) wholly-owned subsidiary KAB Technologies Sdn Bhd (KABT) is offering its energy efficiency expertise to the Bandar Mahkota Cheras Mall under an agreement to undertake an energy performance contract via chiller optimisation at the retail property. KABT has signed an agreement with property development and investment company Foremost Wealth Management Sdn Bhd.

On Tuesday Aurora Mulia Sdn Bhd, a firm linked to tycoon Tan Sri Syed Mokhtar Al-Bukhary, bought another 2.7% stake in Media Prima Bhd via direct business transaction, raising its equity interest in the media group to 23.26%.

Bloomberg data showed that the purchase was done in a single off-market transaction at 60 sen a share, valuing the block at RM18 million.

Perisai Petroleum Teknologi Bhd has issued a notice to Emas Offshore (M) Sdn Bhd (EOM) to terminate a charter agreement with immediate effect. On Aug 22, Perisai gave a 14-day notice to EOM notifying the charter agreement would be deemed terminated unless full payment of an outstanding sum of US$3.24 million (RM13.58 million) was received from EOM. It proceeded to issue the letter of termination as the company did not receive any response from EOM.

PUC Bhd unit, PUC Ventures Sdn Bhd (PUCV), has inked a Memorandum of Understanding with Smuzcity Bhd (SCB), for a digital lifestyle platform known as Presto (formerly 11street Malaysia) to market and sell SCB's JDX-branded products. The deal will see Presto marketing and selling JDX products.

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