KUALA LUMPUR (Sept 28): Based on corporate announcements and news flow today, companies in focus on Monday (Oct 1) may include: Notion VTec Bhd, IRIS Corp Bhd, Sapura Energy Bhd, Mah Sing Group Bhd, Scomi Group Bhd, Pos Malaysia Bhd, Reach Energy Bhd, Cypark Resources Bhd, Comfort Gloves Bhd, Gamuda Bhd, Kumpulan Perangsang Selangor Bhd (KPS), Berjaya Corp Bhd (BCorp), My EG Services Bhd (MyEG) and Ikhmas Jaya Group Bhd.
Notion VTec Bhd has accepted AXA Affin General Insurance Bhd's RM159.37 million claim settlement offers to Notion VTec's wholly-owned subsidiary Notion Venture Sdn Bhd following a fire incident at Notion VTec's main plant in Klang, Selangor.
As of date, Notion Venture has received RM80 million from the insurer, as partial settlement for the material fire loss. The balance net settlement of RM79.37 million will be paid at a subsequent date,
Armed with a healthier balance sheet and a focus on its core business of trusted identification solutions, IRIS Corp Bhd is confident it can return to the black in its current financial year ending March 31, 2019 after four years of making losses.
Group chief executive officer Shaiful Subhan said there have “definitely” been concrete discussions on new projects but declined to reveal details about their size.
Iris is confident the group would be able to book a profit this year, as it also focuses on returning to the Malaysian market.
Sapura Energy Bhd posted a net loss of RM126.06 million in its latest financial quarter, from net profit of RM28.93 million in the same quarter last year on lower revenue.
This came as quarterly revenue dropped 23.94% to RM1.26 billion, from RM1.66 billion previously.
For the first half of its financial year ending Jan 31, 2019, Sapura Energy had booked a net loss of RM261.79 million, from a net profit of RM56.46 million the year before, while revenue dropped to RM2.31 billion from RM3.43 billion.
Property developer Mah Sing Group Bhd will launch its first project in M Aruna township in Rawang this weekend.
Named Aster, the project will feature two-storey link homes measuring 20ft by 60ft, with built-up of 1,666 sq ft and priced from RM506,000 per unit.
Scomi Group Bhd’s share placement plan fell through because “the placee did not meet the listing requirement.
The group said a new placement price will be determined and announced later.
Pos Malaysia Bhd has appointed Syed Md Najib Syed Md Noor as its group CEO effective Oct 1, replacing Al-Ishsal Ishak who is leaving the group to become chairman of the Malaysian Communications and Multimedia Commission on the same date.
Syed Najib, 58, is currently the chairman of Altel Communications Sdn Bhd and MYTV Broadcasting Sdn Bhd.
Reach Energy Bhd's producing asset in Kazakhstan, Emir-Oil LLP, has obtained authority approval to commence the trial production period of the North Kariman field in Kazakhstan for 15 months, which will commence on Oct 1, 2018 till Dec 31, 2019.
The approval granted for the trial production period allows Emir-Oil to put the North Kariman wells on production, and this is expected to increase current oil production levels substantially.
Cypark Resources Bhd’s net profit rose 16.4% to RM19.22 million in the third financial quarter ended July 31, 2018 from RM16.5 million a year ago, due mainly to improved margin contribution from the environmental engineering, and green technology and renewable energy divisions.
Quarterly revenue came in flattish at RM75.13 million, from RM75.1 million a year ago.
For the cumulative nine months, the group's net profit increased 27.3% to RM50.22 million from RM39.45 million a year ago, while revenue grew 8.7% to RM258.23 million from RM237.51 million.
Comfort Gloves Bhd recorded a 54.8% decline in net profit to RM4.1 million in the second financial quarter ended July 31, 2018 compared with RM9.07 million a year ago due to one-off logistics expenses of RM4.4 million.
Quarterly revenue, however, declined 4.2% to RM109.8 million from RM114.6 million in the previous corresponding quarter.
For the six-month period ended July 31, 2018, the group recorded a 40.45% decline in net profit to RM11.44 million from RM19.21 million in the previous year despite a 3.9% increase in revenue to RM216.39 million from RM208.3 million.
Gamuda Bhd posted a net loss of RM101.08 million in the fourth financial quarter ended July 31, 2018 compared to a net profit of RM102.75 million a year ago due to a one-off loss on disposal of its 40%-owned associate Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) amounting to RM300 million, and impairment on investment in Gamuda Water Sdn Bhd totalling RM4 million.
Quarterly revenue came in 19.9% higher at RM1.21 billion from RM1.01 billion a year ago.
However, the weak quarterly earnings dragged down the group's net profit for the full FY18 by 14.7% to RM513.88 million, from RM602.09 million a year ago, even though revenue climbed 31.6% higher to RM4.23 billion from RM3.21 billion.
Meanwhile, the divestment of a 30% stake in Splash is set to cost a one-time disposal loss of about RM331.6 million for Kumpulan Perangsang Selangor Bhd.
The proposed divestment is expected to be completed by the end of the year.
Berjaya Corp Bhd posted a net profit of RM35.06 million in its fiscal first quarter ended July 31, 2018, against a net loss of RM43.4 million in the corresponding quarter a year ago, owing to a disposal gain.
Revenue fell 2.57% year-on-year to RM2.14 billion from RM2.2 billion.
My EG Services Bhd is acquiring a commercial space within the podium level below MyEG Tower at Empire City for RM35.35 million cash from Cosmopolitan Avenue Sdn Bhd.
MyEG said it has also entered into a put option agreement with Cosmopolitan to obtain an option at MyEG's sole discretion to sell the property back to Cosmopolitan at a sum equal to 66.67% of the purchase consideration within six months from the date of delivery of vacant possession of the property to MyEG.
Ikhmas Jaya Group Bhd has once again postponed the construction of its new prefabricated building system manufacturing facility in Teluk Panglima Garang, Selangor.
This is the second postponement this year after the earlier deferment on March 30.