MSM, Hibiscus, Malakoff, MAHB, UOA Development, Eden Inc, Gopeng, AAX, Brahim’s, Box-Pak, Al-Aqar REIT and D&O

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KUALA LUMPUR (Feb 21): Based on corporate announcements and news flow today, companies in focus on Thursday (Feb 22) may include: MSM Malaysia Holdings Bhd, Hibiscus Petroleum Bhd, Malakoff Corp Bhd, Malaysia Airports Holdings Bhd, UOA Development Bhd, Eden Inc Bhd, Gopeng Bhd, AirAsia X Bhd, Brahim’s Holdings Bhd, Box-Pak Malaysia Bhd, Al-Aqar Healthcare Real Estate Investment Trust and D&O Green Technologies Bhd.

MSM Malaysia Holdings Bhd, a subsidiary of Felda Global Ventures Holdings Bhd, posted a 9.1% decline in net profit to RM13.08 million in the fourth quarter ended Dec 31, 2017 (4QFY17) from RM14.39 million a year ago, on higher finance cost and taxation.

As a result, earnings per share came in lower at 1.86 sen compared with 2.05 sen a year ago. Quarterly revenue also declined 21.7% to RM656.12 million in 4QFY17 from RM838.31 million in 4QFY16, due to a 12% reduction in the overall tonnage sold for the local market.

For FY17, the country's largest refined sugar producer slipped into the red, posting a net loss of RM32.57 million compared to a net profit of RM120.72 million the previous year, due to higher raw material cost and a weakened ringgit.

Revenue, however, edged higher by 0.29% to RM2.67 billion in FY17 from RM2.66 billion in FY16 due to improved average selling price for the year.

Hibiscus Petroleum Bhd saw its net profit for the second quarter ended Dec 31, 2017 rise 3.4% to RM11.04 million from RM10.68 million a year ago, thanks to higher revenue and lower expenses, but offset by absence of foreign exchange gains incurred in the same quarter a year ago.

Quarterly revenue jumped 21.08% to RM76.06 million from RM62.82 million previously, largely driven by higher average realised oil price per barrel in the quarter.

For the six-month period ended Dec 31, 2017 (6MFY18), Hibiscus' net profit was 76% lower at RM21.83 million against RM90.96 million a year ago. Half-year revenue rose 14.23% to RM134.3 million, from RM117.57 million in 6MFY17.

Malakoff Corp Bhd, a member of MMC Group, saw its net profit more than halve to RM43.72 million in the fourth quarter ended Dec 31, 2017 (4QFY17) from RM90.23 million a year ago, primarily due to lower capacity payment recorded at the Segari Energy Ventures Sdn Bhd gas plant.

As a result, Malakoff's earnings per share fell to 0.87 sen compared with 1.8 sen a year ago. Quarterly revenue, however, rose 4.7% to RM1.79 billion in 4QFY17 from RM1.71 billion in 4QFY16, which Malakoff attributed to higher energy payments recorded at Tanjung Bin Power Sdn Bhd and TBE on the back of higher applicable coal price.

The independent power producer also declared a final dividend of 3.7 sen per share for FY17, subject to the approval of the shareholders at the forthcoming annual general meeting.

The weak fourth quarter earnings dragged down the group's net profit for FY17 to RM309.95 million from RM355.46 million the previous year. However, revenue increased 16.9% to RM7.13 billion from RM6.1 billion.

Higher costs dragged down Malaysia Airports Holdings Bhd’s (MAHB) net profit by 16.4% to RM27.86 million in the fourth quarter ended Dec 31, 2017 (4QFY17) from RM33.32 million a year ago.

The higher total costs of RM155.1 million or 14.6% year-on-year — especially for operations in Malaysia — was mainly due to an increase in amortisation and depreciation of RM145.5 million, said MAHB.

This resulted in the airport operator posting a loss per share of 0.07 sen compared with an earnings per share of 0.49 sen in 4QFY16.

Quarterly revenue, however, rose 15.4% to RM1.25 billion in 4QFY17 from RM1.08 billion in 4QFY16 on higher contribution from the airport and non-airport operations.

It also proposed a final dividend of eight sen per share for FY17, subject to the approval of shareholders at the forthcoming annual general meeting.

For the full FY17, MAHB's net profit jumped 3.4 times to RM236.49 million from RM70.39 million the previous year, while revenue grew 11.5% to RM4.65 billion from RM4.17 billion in FY16.

UOA Development Bhd's net profit for the fourth quarter ended Dec 31, 2017 fell 45% to RM191.8 million versus RM345.98 million a year ago, due mainly to the absence of fair value adjustments in the current quarter.

Quarterly revenue decreased 26% to RM199.27 million from RM270.64 million a year ago.

The group also proposed a first and final dividend of 15 sen.

For its full year, the group's net profit was lower by 27% at RM491.18 million versus RM676.73 million in the previous year. Full- year revenue, however, was higher by 9% at RM1.08 billion versus RM996.19 million a year ago.

Eden Inc Bhd has been slapped with a wind-up petition by the government of Malaysia for allegedly owing the Inland Revenue Board of Malaysia about RM3.2 million.

The petition was presented to the High Court of Malaya on Feb 6 and was served to the company on Feb 13.

Consequently, Eden is to be wound up by the court pursuant to Section 466(1)(e) of the Companies Act 2016, and that the cost of the petition will be paid out from the assets of the company.

Gopeng Bhd has proposed to undertake a one-for-two bonus issue to reward its shareholders and increase its capital base to reflect its current scale of operations and assets employed.

The exercise entails the issuance of up to 89.66 million new shares to be credited as fully paid-up on an entitlement date to be determined later.

The oil palm group expects to complete the exercise by the second quarter of this year.

AirAsia X Bhd’s (AAX) net profit more than doubled to RM84.41 million in the fourth quarter ended Dec 31, 2017 from RM39.01 million a year ago, supported by a 12% growth in passenger volume.

Quarterly revenue also increased 4.3% to RM1.22 billion in 4QFY17, from RM1.17 billion in 4QFY16.

The improved quarterly results lifted AAX's net profit for full FY17 to RM98.89 million, more than doubling from RM44.84 million the previous year. Revenue was also up 17% to RM4.56 billion, from RM3.9 billion in FY16.

Brahim’s Holdings Bhd has proposed a private placement of up to 23.63 million new shares — representing 10% of its share capital — to raise cash for working capital purposes and to repay borrowings.

Assuming an indicative price of 42 sen per placement share, the exercise could potentially raise up to RM9.92 million, out of which RM9.19 million has been earmarked for repayment of bank borrowings and RM485,000 for working capital.

Box-Pak Malaysia Bhd’s net loss narrowed to RM817,000 in the fourth financial quarter ended Dec 31, 2017 from RM6.28 million a year ago supported by other income gains and deferred taxation in the period.

Quarterly revenue grew 12.63% to RM150.35 million from RM133.5 million a year ago.

However Box-Pak’s cumulative losses for its full financial year ended Dec 31, 2017 ballooned to RM15.35 million from a mere RM853,000 the year before. This is despite full-year revenue rising 10.39% to RM552.75 million from RM500.71 million in FY16.

Al-Aqar Healthcare Real Estate Investment Trust's (Al-Aqar REIT) net income rose 87% year-on-year to RM48.14 million in the fourth quarter ended Dec 31, 2017, supported by higher investment income and gain in fair value adjustment.

Net rental income for the quarter, however, declined 2% to RM23.01 million from RM23.49 million a year ago, amid a decline in net rental income in the Australia segment due to higher property expenses.

For the full-year FY17, net income increased 19% to RM120.27 million from RM101.06 million in FY16, while net rental income fell 4.5% to RM93.21 million from RM97.59 million.

The REIT announced a final income distribution of 3.95 sen per unit for FY17, which will be paid on Feb 28.

D&O Green Technologies Bhd's fourth-quarter ended Dec 31, 2017 net profit rose 82.68% to RM6.94 million, from RM3.8 million a year ago, thanks to an improved profit margin arising from a favourable change in sales mix, and increased production efficiencies.

D&O proposed a final dividend of 0.5 sen per share, pending shareholders' approval.

Revenue grew 3% to RM132.53 million from RM128.64 million in 4QFY16, mainly driven by the automotive segment.

For the full year, D&O's net profit almost doubled to RM22.37 million from RM11.27 million in FY16, while revenue grew 7.7% to RM463.34 million from RM430.1 million.