GenM, Ho Wah Genting, Icon Offshore, Kronologi, LKL International, Malayan Flour Mills, MGRC, Minetech, Pentamaster, Petra Energy and Rohas Tecnic

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KUALA LUMPUR (May 15): Based on corporate announcements and news flow today, companies in focus on Monday (May 18) may include: Genting Malaysia Bhd (GenM), Ho Wah Genting Bhd, Icon Offshore Bhd, Kronologi Asia Bhd, LKL International Bhd, Malayan Flour Mills Bhd (MFM), Malaysian Genomics Resources Centre Bhd (MGRC), Minetech Resources Bhd, Pentamaster Corp Bhd, Petra Energy Bhd and Rohas Tecnic Bhd.

Genting Malaysia Bhd (GenM) wants Miami-Dade county in the US to fund a US$770 million (RM3.35 billion) monorail system, linking Miami mainland with South Beach. GenM and its partners (which include Meridiam, the company behind the PortMiami tunnel) have proposed to build and operate the 6.44km “Miami Beach Monorail” and turn over fare revenue to the country authority, in exchange for yearly payments of US$59.4 million over 30 years.

Ho Wah Genting Bhd’s unit HWG Consortium Sdn Bhd will be a distributor of China’s Shanghai Liangrun Biomedicine Technology Co Ltd’s Covid-19 diagnostic kit in Malaysia until the end of the year. HWG Consortium had appointed PM Care Sdn Bhd as the non-exclusive sub-distributor of the diagnostic kit.

Icon Offshore Bhd reported a net profit of RM20.36 million for the first quarter ended March 31, 2020 (1QFY20), as against a net loss of RM7.64 million a year earlier, due to one-off gains from its debt restructuring exercise and higher revenue. Quarterly revenue grew 17% to RM48.88 million from RM41.77 million, on the back of higher utilisation of its vessels. The group had booked a RM19.1 million gain from its debt restructuring exercise and RM8.8 million over the waiver of interest payable upon completion of the restructuring exercise.

Kronologi Asia Bhd saw a net loss of RM11.24 million in 1QFY20, from a net profit of RM3.69 million a year earlier, as it recognised an RM11.64 million one-time non-cash impairment “out of prudence” on property, plant and equipment amid the economic slowdown and uncertainties induced by Covid-19. Revenue jumped more than 60% to RM51.97 million, from RM32.5 million. Profit from operations was down 77.9% at RM1 million, from RM4.53 million previously.

LKL International Bhd will see MIDF Amanah Investment Bank Bhd cease to be its sponsor effective tomorrow, as the medical equipment provider has successfully maintained the services of a sponsor for at least three financial years since listing. This is in accordance with Bursa Malaysia’s listing rules.

Malayan Flour Mills Bhd (MFM) posted a net loss of RM16.79 million for 1QFY20, from a net profit of RM19.87 million a year prior, following losses from its poultry integration business and Indonesian joint venture. Revenue grew 3% to RM654.28 million from RM635.17 million as a result of a 6.8% sales increase in its flour and grain trading segment.

Malaysian Genomics Resources Centre Bhd (MGRC) saw Khazanah Nasional Bhd ceasing to be a major shareholder. Khazanah’s indirect unit and MGRC’s largest shareholder Syntamatix Sdn Bhd disposed of 12 million shares or 11.59% on May 13. Khazanah had a 61.24% stake in MGRC as of October last year. It is unclear who took up the stake sold by Khazanah.

Minetech Resources Bhd won a RM30.4 million subcontract to build the 36-classroom SMK Pelangi Perdana secondary school in Parit Buntar, Perak. Work will start on June 1 and is expected to be completed by Feb 13 next year.

Pentamaster Corp Bhd’s 1QFY20 net profit fell 14.28% to RM16.77 million, from RM19.56 million a year ago, following its revenue being hit by travelling restrictions amid the Covid-19 outbreak. Quarterly revenue dropped 15.70% to RM100.11 million from RM118.75 million. The lower revenue was due to the pandemic affecting its project delivery schedule and site installation of its automated test equipment operating segment.

Petra Energy Bhd has slipped into the red in 1QFY20 after five profitable quarters. It posted a net loss of RM20.75 million from a net profit of RM1.72 million last year, as it faced upstream activities revision amid the recent oil price crash and Covid-19 outbreak. Revenue fell 35.29% to RM72.39 million from RM111.85 million in 1QFY19.

Rohas Tecnic Bhd has bagged a RM102 million contract from the Power Grid Company of Bangladesh Ltd to supply transmission lines in that country. The turnkey contract is expected to start in the third quarter of the year, and has a tenure of 24 months.