KUALA LUMPUR (Nov 21): Based on corporate announcements and news flow today, companies in focus tomorrow (Nov 22) may include: Ekovest Bhd, Sunway Bhd, Hap Seng Consolidated Bhd, Boustead Plantations Bhd, Media Prima Bhd, Malaysian Resources Corp Bhd, Petron Malaysia Refining & Marketing Bhd, WCT Holdings Bhd, Kossan Rubber Industries Bhd, Wah Seong Corporation Bhd, PPB Group Bhd, Revenue Group Bhd, Hibiscus Petroleum Bhd and Southern Steel Bhd.
Ekovest Bhd has proposed to buy 20 parcels of freehold development land in Johor Bahru for a total of RM1.05 billion from Iskandar Waterfront Holdings Sdn Bhd (IWH). The acquisition of the plots that measure 90.95 acres in total is to expand its land bank from 214 acres to about 305 acres and increase its presence in Iskandar Malaysia.
Sunway Bhd’s net profit for 3QFY19 rose 27% to RM183.42 million from RM144.92 million last year, thanks to higher contributions from its property development, property investment and quarry segments. Revenue, however, fell 13% to RM1.23 billion from RM1.42 billion. For its nine-month period, net profit rose 22% to RM566.32 million, despite revenue falling 13% to RM3.43 billion.
Hap Seng Consolidated Bhd’s net profit grew 1.28% to RM193.14 million in 3QFY19 from RM190.69 million. Revenue rose 3.61% to RM1.83 billion from RM1.76 billion. It declared a second interim dividend of 20 sen per share for the financial year ending Dec 31 2019 (FY19), payable on Dec 18. For its nine-month period, net profit shrank by half to RM480.91 million from RM989.36 million last year, despite a 10.41% increase in revenue to RM5.32 billion from RM4.82 billion.
Boustead Plantations Bhd sank deeper into the red in its 3QFY19 with a net loss of RM34.31 million, 57% more than the RM21.9 million it reported last year, largely due to higher amortisation and finance costs. Revenue rose 6% to RM139.24 million from RM131.1 million. For its nine-month period, however, the group returned to the black with a net profit of RM28.72 million compared to a net loss of RM38.88 million a year ago, though revenue fell 7% to RM398.1 million from RM427.45 million.
Media Prima Bhd narrowed its net loss in 3QFY19 to RM24.16 million from RM30.71 million last year, despite revenue falling 2% to RM265.55 million from RM271.8 million, as it reduced operating expenses. But for its nine-month period, its net loss expanded to RM73.4 million, over three times the net loss of RM20.58 million it recorded last year, while revenue declined 10% to RM801.41 million from RM894.84 million.
Delay in the Light Rail Transit (LRT) 3 project and absence of one-off divestment gain have resulted in a sharp 87.3% drop in Malaysian Resources Corp Bhd’s (MRCB) net profit to RM2.52 million for 3QFY19 against RM19.79 million last year. Revenue declined by 43.8% to RM372.74 million from RM663.75 million. For its nine-month period, net profit fell 76.3% to RM17.71 million from RM74.77 million. While revenue declined 43.35% to RM847.76 million from RM1.5 billion.
Lower crude oil prices cut Petron Malaysia Refining & Marketing Bhd's net profit for 3QFY19 by 60% to RM34.42 million from RM85.54 million last year. Revenue sank 16% to RM2.77 billion from RM3.3 billion. For its nine-month period, net profit fell 41% to RM148.16 million from RM250.09 million last year, while revenue slipped 7% to RM8.54 billion from RM9.15 billion.
WCT Holdings Bhd’s net profit declined 46.3% to RM13.33 million for 3QFY19 from RM24.8 million last year. While revenue dropped 4.54% to RM368.27 million from RM385.78 million. For its nine-month period, net profit fell 26.8% to RM76.35 million as revenue dropped 16.45% to RM1.33 billion from RM1.36 billion.
Kossan Rubber Industries Bhd’s 3QFY19 net profit slipped 9.18% to RM49.18 million from RM54.15 million last year on lower average selling prices and higher natural gas costs. Revenue fell 7.43% at RM531.26 million from RM573.9 million.
For its cumulative nine-month period, net profit rose 15.94% at RM163.78 million from RM141.27 million last year while revenue grew 5.69% to RM1.64 billion from RM1.55 billion.
Wah Seong Corporation Bhd’s net profit in 3QFY19 fell 38% to RM15.29 million from RM24.49 million last year, as revenue dropped 8% to RM644.49 million from RM701.92 million. Its nine-month net profit fell 27% to RM54.73 million from RM74.77 million previously, as revenue fell 7.5% to RM2.09 billion from RM2.25 billion.
PPB Group Bhd’s net profit rose 10% to RM394.18 million for 3QFY19 from RM359.77 million, boosted by stronger contribution from Wilmar International Ltd, as well as its grains and agribusiness and environmental engineering and utilities segments. Revenue grew to RM1.19 billion from RM1.14 billion.
Revenue Group Bhd's net profit grew 54% in its first quarter ended Sept 30, 2019 (1QFY20) to RM2.97 million from RM1.93 million a year ago, as revenue expanded 12% to RM16.66 million from RM14.84 million. This positive start to the group's FY20 was due to higher income from the rental of its electronic data capture or EDC terminals, higher electronic transaction processing income, and the inclusion of revenue contribution from two newly acquired subsidiaries, Anypay Sdn Bhd and Buymall Services Sdn Bhd.
Hibiscus Petroleum Bhd's net profit for 1QFY20 shrank 83.77% to RM16.23 million from RM100 million last year, as it recorded lower contributions across all three of its operations in Sabah, North Sea's Anasuria Cluster, and Australia. Revenue more than halved to RM159.30 million from RM359.96 million.
Southern Steel Bhd recorded a net loss of RM45.59 million in 1QFY20, dragged by lower sales volume and selling prices. While revenue fell 30% to RM653.74 million from RM929.04 million.