KUALA LUMPUR (Nov 30): Based on corporate announcements and news flow today, stocks in focus on Monday (Dec 3) may include: Genting Malaysia Bhd, Genting Bhd, MCT Bhd, FGV Holdings Bhd, UMW Holdings Bhd, Star Media Group Bhd, Ekovest Bhd, Petronas Gas Bhd and Carlsberg Brewery Malaysia Bhd.
Genting Malaysia Bhd posted its largest ever net quarterly loss of RM1.49 billion for the third quarter ended Sept 30, 2018 (3QFY18) due to a massive RM1.8 billion impairment of its investment in promissory notes issued by the Mashpee Wampanoag Tribe for the development of an integrated gaming resort in Massachusetts, US.
Quarterly revenue grew by 14.5% to RM2.6 billion in 3QFY18, from RM2.27 billion last year.
For the nine-month period ended Sept 30, it posted a net loss of RM739.73 million compared to a net profit of RM711.51 million in the same period last year while cumulative revenue for 9MFY18 grew 9.35% to RM7.42 billion from RM6.79 billion in 9MFY17.
The group has commenced legal proceedings in relation to the development of the Twentieth Century Fox World theme park.
Genting Bhd also sank into quarterly net loss of RM275.8 million in the third quarter ended Sept 30 compared with a net profit of RM190.04 million a year ago, no thanks to an RM1.83 billion impairment loss on its 49.4%-owned unit Genting Malaysia Bhd’s investment in the promissory notes issued by the Mashpee Wampanoag Tribe.
While quarterly revenue, was up 6.7% to RM5.38 billion from RM5.04 billion a year ago. The poor quarterly earnings dragged the group's net profit for the cumulative 9MFY18 down 45.9% to RM710.42 million, from RM1.31 billion a year ago while revenue grew 4.7% to RM15.46 billion from RM14.77 billion in 9MFY17.
MCT Bhd’s subsidiary One City Development Sdn Bhd has issued a statement to again deny it was involved in hiring "unruly people" to instigate riots and civil unrest in its effort to relocate the Seafield Sri Maha Mariamman Temple in Subang Jaya, Selangor.
One City said recent media reports that point to its involvement in hiring such people "are absolutely inaccurate". It stressed that it had taken its time in executing the consent judgment obtained for the temple's relocation in 2014 from the Shah Alam High Court, because of "our unwavering value for law, order, peace and harmony".
FGV Holdings Bhd has initiated a lawsuit against former chairman Tan Sri Mohd Isa Abdul Samad and former group president and chief executive officer (CEO) Datuk Mohd Emir Mavani in the Kuala Lumpur High Court, seeking relief totalling RM7.69 million. It said the suit pertains to the purchase of two units at Troika, Persiaran KLCC here, at prices significantly above market value, without proper due diligence and/or unauthorised use and possession of the units by the defendants, as well as the acquisition by the company of a number of cars and the misuse by Emir of the cars and petrol benefit.
The company is seeking RM2.92 million from Mohd Isa and Emir for the acquisition of the Troika units and RM1.62 million for the use and possession of the units.
UMW Holdings Bhd is disposing of its leasehold industrial land totalling 38.803 acres in Shah Alam, Selangor to Strategic Sonata Sdn Bhd, a wholly-owned subsidiary of Singapore's Mapletree Dextra Pte Ltd, for RM287.7 million. The proposed disposal will enable the group to fully unlock and realise the value of its long-held assets in Shah Alam as part of its broader strategic thrust of sustainable value creation for shareholders.
Star Media Group Bhd’s net profit fell 99.31% to RM1.6 million for the third-quarter ended Sept 30, 2018 (3QFY18), from RM230.29 million a year ago. The fall was because the 3QFY17 results had included a gain on disposal of a subsidiary Cityneon, which amounted to RM206.86 million. Revenue for 3QFY18 fell 23.5% to RM91.12 million from RM119.11 million previously. For the cumulative nine-month period (9MFY18), Star Media’s net profit shrank substantially to RM14.33 million, from RM245.44 million a year ago and said it would have reported a higher profit, if the gain on disposal of Cityneon is excluded. Revenue for 9MFY18 declined by 15.56% to RM299.64 million, from RM354.87 million.
Ekovest Bhd’s net profit rose 13% to RM43.87 million in its first financial quarter ended Sept 30, 2018 (1QFY19) from RM38.84 million a year ago, on higher contribution from the property development and toll operation sectors.
Quarterly revenue also increased 33% to RM304.89 million from RM229.16 million a year ago. The group's profit growth was lower compared with revenue in the current quarter under review due mainly to higher interest expense incurred for the toll operation sector.
Petronas Gas Bhd’s net profit increased by 19.7% to RM499.81 million for the third quarter ended Sept 30, 2018, from RM417.43 million a year earlier, on the back of higher contribution from its regasification and utilities segments partly offset by higher finance costs due to recognition of previously capitalised interest expenses following the completion of the group's new liquefied natural gas (LNG) regasification terminal in Pengerang, Johor.
Quarterly revenue rose 20% to RM1.4 billion from RM1.16 billion in the previous year's corresponding quarter, contributed by the new LNG regasification terminal which commenced commercial operations in November 2017. For the cumulative nine-month period, net profit grew 14.3% to RM1.49 billion from RM1.31 billion a year earlier, while revenue increased 17.3% to RM4.11 billion from RM3.51 billion.
Carlsberg Brewery Malaysia Bhd’s net profit jumped 52% to RM64.98 million for the third quarter ended Sept 30, 2018 (3QFY18), from RM42.85 million in the previous year, thanks to higher sales in Malaysia and better performance at its Singapore operations.
Quarterly revenue climbed 16% to RM492.77 million from RM423.51 million a year earlier. For the nine months (9MFY18), net profit grew 23% to RM209.7 million from RM171.16 million in the previous year, while revenue rose 9% to RM1.46 billion from RM1.34 billion.