F&N, Serba Dinamik, DNeX, Solarvest, Impiana Hotels, Lay Hong, Asia Media and Ge-Shen

F&N, Serba Dinamik, DNeX, Solarvest, Impiana Hotels, Lay Hong, Asia Media and Ge-Shen
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KUALA LUMPUR (Aug 4): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Aug 5) include Fraser & Neave Holdings Bhd, Serba Dinamik Holdings Bhd, Dagang NeXchange Bhd, Solarvest Holdings Bhd, Impiana Hotels Bhd, Lay Hong Bhd, Asia Media Group Bhd and Ge-Shen Corp Bhd

Fraser & Neave Holdings Bhd’s (F&N) net profit grew 2.45% to RM96.16 million for its third quarter ended June 30, 2021, from RM93.85 million a year earlier, on the back of higher sales and lower income tax expenses. Quarterly revenue rose 15.42% to RM1.06 billion from RM918.07 million on higher sales due to the low base effect last year and maiden contribution from its food business Sri Nona, which contributed to the growth for the Hari Raya Puasa festival season from the sale of rice cakes and other products due to higher in-home consumption. On a quarter-on-quarter basis, however, net profit declined by 7.11% from RM103.51 million, as revenue shrank 2.95% from RM1.09 billion.

Serba Dinamik Holdings Bhd today announced that Nexia SSY PLT has been appointed as the group's new external auditor. This came after Nexia received the professional clearance from KPMG PLT in accordance with Section 320 By-Law of the Malaysia Institute of Accountants. Previously, the group nominated Nexia as its new external auditor for the financial year ended June 30, 2021 following the departure of KPMG PLT in June.

Dagang NeXchange Bhd, through its recently acquired business unit SilTerra Malaysia Sdn Bhd, has entered into a long-term multi-year wafer supply and purchase agreement with ChipOne Technology (Beijing) Co Ltd worth over US$400 million (RM1.69 billion). SilTerra will supply wafers which are used in the production of semiconductor devices to ChipOne. The agreement will allow SilTerra to have a guaranteed wafer base load for the next several years, which will mitigate any downward variability in customer orders and ensure SilTerra has a reasonable factory utilisation rate moving forward, it said.

Solarvest Holdings Bhd’s subsidiary Atlantic Blue Sdn Bhd has secured an RM66 million contract from Grooveland Sdn Bhd as the main engineering, procurement, construction and commissioning contractor for the development of a large-scale solar photovoltaic plant in Perak.

Impiana Hotels Bhd’s subsidiary Impiana Hotels & Resorts Management Sdn Bhd (IHRM) has a contract from Petronas Management Training Sdn Bhd for the provision of hospitality management services. The contract entails the provision of services to manage the operational matters of Petroliam Nasional Bhd (Petronas)’s new campus in Bangi, Selangor. Tenure for the contract is five years starting from Aug 1, with the scope of works to include general and administrative matters, food and beverage services, housekeeping, room and banqueting services, finance and human resources management as well as other hospitality works. However, the value of the contract was not disclosed.

Lay Hong Bhd has cautioned that record high prices of poultry feed ingredients soybean meal and corn may affect the chicken product and egg producer’s profitability in the coming years. Its executive chairman Datuk Yap Hoong Chai said in the company’s latest annual report that it is also exposed to foreign exchange risk as it transacts corn and soybean in US dollars, while 15% of the company’s sales are done in Singapore dollars. "Any favourable or unfavourable fluctuation in foreign exchange rates may have an adverse/favourable impact on the group’s financial performance and profitability,” said Yap.

Loss-making Asia Media Group Bhd, which provides advertising and digital media solutions and services, said its external auditor CAS Malaysia PLT was unable to express an opinion on the group’s financial statements for the financial period ended March 31, 2021 due to insufficient audit evidence. Its auditor highlighted that there are material uncertainties that may cast significant doubt on the group's ability to continue as a going concern.

High-precision plastic components maker Ge-Shen Corp Bhd said its wholly-owned subsidiary Polyplas Sdn Bhd has received an official notice from the Ministry of Health to stop its operations for a few days beginning today to sanitise its premises as part of Covid-19 prevention measures. The temporary closure is expected to delay deliveries for several orders.

S Kanagaraju