Friday 29 Mar 2024
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KUALA LUMPUR (March 27): Based on corporate announcements and news flow today, companies in focus tomorrow may include: Gamuda Bhd, Yinson Holdings Bhd, GHL Systems Bhd, GDB Holdings Bhd, Eco World Development Group Bhd, SCGM Bhd and Stone Master Corp Bhd.

Gamuda Bhd’s net profit fell 23% to RM173.14 million in the second quarter ended Jan 31, 2019 (2QFY19) from RM223.64 million in the previous year’s corresponding quarter, as it ceased recognition of its share of profits from Syarikat Pengeluar Air Sungai Selangor (Splash), which it sold at the end of last year. Revenue for the quarter increased 13% to RM1.13 billion from RM998.92 million a year earlier.

For the first half of its financial year, net profit declined 19% to RM345.18 million from RM427.72 million in the corresponding period a year earlier, despite revenue climbing 15% to RM2.03 billion from RM1.77 billion.

Yinson Holdings Bhd’s net profit rose 6% to RM60.7 million for the fourth financial quarter ended Jan 31, 2019 (4QFY19) from RM57.14 million in the previous year’s corresponding quarter, as revenue climbed 12% to RM287.6 million from RM257.39 million. The group proposed a final dividend of two sen per share for the year.

For the full financial year ended Jan 31, 2019 (FY19), its net profit fell 20% to RM234.9 million from RM292.18 million in the previous year, though revenue increased 14% to RM1.03 billion from RM910.16 million.

The decline in net profit was attributed to higher impairment loss on trade and receivables, impairment loss on tax recoverable, higher depreciation and amortisation, impairment loss on investment in a joint venture and lower share of results in joint ventures.

GHL Systems Bhd has won a RM25.03 million project to develop and implement the hardware and software applications for the Government's RON95 petrol subsidy programme.

The group said its wholly-owned unit, GHL Transact Sdn Bhd, was awarded the project via a tender process held by the Finance Ministry.

The terms of the contract are to be agreed and signed between the parties involved, the group said in a filing with Bursa Malaysia. "The company will make the necessary announcements as and when the relevant approvals are received from the Ministry of Finance to disclose the relevant details," said GHL.

GDB Holdings Bhd’s unit has bagged an RM135 million contract from TRC Synergy Bhd’s unit for a mixed development in Ara Damansara.

GDB Holdings said its unit Grand Dynamic Builders Sdn Bhd will act as the principal works contractor for architectural, civil and structural works, as well as mechanical and electrical works.

The development entails the building of two 18-storey serviced apartments, comprising 648 residential units, on an eight-storey podium with seven-storey car park and one-storey related facility on top of the podium.

The contract will commence on April 16 and is scheduled to be completed by Oct 15, 2021.

EcoWorld Development Group Bhd’s 27%-associate Eco World International (EWI) is currently in talks with various institutional funds to expand its build-to-rent (BtR) segment in the United Kingdom. It expects the talks to culminate in some deals that will be completed within the next two years.

“We are in the critical phase of negotiations,” EWI chief executive officer (CEO) Datuk Teow Leong Seng said at a press conference here after the group's annual general meeting.

But he declined to name the funds and did not elaborate on the deals' details, saying only that it is now a “sensitive period”, as due diligence and negotiations are still ongoing.

The proposed deals involve institutional funds from the United Kingdom, United States of America, and Malaysia, Teow said, adding talks have been going on for a few months.

SCGM Bhd's wholly-owned subsidiary Lee Soon Seng Plastic Industries Sdn Bhd (LSSPI) has inked a Memorandum of Agreement (MoA) with Indonesian distributor PT Harapan Infiniti Mulia to exclusively manufacture degradable packaging for the Indonesian market.

In a bourse filing today, SCGM said it will manufacture the products for PT Harapan's in-house Ecorasa brand, with expected sales of US$2.1 million (RM8.5 million) over a two-year period.

SCGM managing director Datuk Seri Lee Hock Chai said the MoA showcases SCGM's experience in thermo-form packaging and commitment to innovating new products in line with increasing customers' demands for 'socially conscious' products.

Stone Master Corp Bhd has been served a letter of suspension and delisting of its securities from Bursa Securities, after the regulator rejected its application for more time to submit a regularisation plan.

In an exchange filing today, Stone Master said the the securities of the company will be suspended on April 4 and then de-listed on April 8 — unless an appeal against the de-listing is submitted to Bursa Securities on or before April 3.

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