KUALA LUMPUR (March 30): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Thursday, March 31) could include the following: Sapura Industrial, Crescendo, MHB, Yinson, Sona Petroleum, Lay Hong, YKGI and Perdana Petroleum.

Sapura Industrial Bhd saw its net profit for the fourth quarter ended Jan 31, 2016 (4QFY16) jump 232.65% to RM5.08 million from RM1.53 million a year ago.

This follows a 12.09% rise in revenue to RM61.1 million from RM54.5 million in 4QFY15, the group said in a filing with Bursa Malaysia today.

For the financial year ended Jan 31 (FY16), net profit dipped 6.44% to RM7.71 million from RM8.24 million in FY15, while revenue fell 3.6% to RM224.3 million from RM232.7 million.

The drop in revenue was mainly due to lower domestic volume for certain models, said Sapura Industrial.

Moving ahead, the group said the total industry volume for 2016 is projected at 650,000 motor vehicles amidst uncertain economic factors, which have led to a subdued business environment and moderation in consumers' spending.

Crescendo Corp Bhd's net profit plunged 90.4% to RM3.3 million or 1.43 sen per share in the fourth financial quarter ended Jan 31, 2016 (4QFY16), from RM34.4 million or 15.12 sen per share a year earlier, due to lower property sales.

Aside from lower property sales this year, the group said it had recorded a realised gain from the transfer of property development to investment properties, amounting to RM23.3 million, and a gain from fair value adjustment on investment properties, amounting to RM7.4 million in the previous year.

Stripping out those gains, its profit before tax for 4QFY16 was 54% lower at RM7.6 million, as compared to RM16.5 million, it noted. Revenue for the quarter also weakened 18.8% to RM61.4 million, from RM75.6 million.

The weaker performance notwithstanding, it is recommending a three sen final dividend, payable on Aug 29.

Meanwhile, its annual FY16 net profit came in 85.1% lower at RM17.8 million or 7.81 sen per share, from RM119.7 million or 52.29 sen per share in FY15, due to the same reasons; while revenue slipped 27.6% to RM194.6 million, from RM268.9 million in FY15.

Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) announced that its managing director and chief executive officer (CEO) Datuk Abu Fitri Abdul Jalil will relinquish his position this April 30.

According to the oil and gas (O&G) provider, Abu Fitri's contract with MHB expires on that day. MHB is a 66.5%-owned subsidiary of MISC Bhd, which in turn is a 62.67%-owned unit of Petronas.

"In view of the current challenges in the O&G industry and pursuant to the group-wide transformation exercise being undertaken by Petronas, Abu Fitri has been called back into the service of Petronas," said MHB in its filing to the stock exchange.

In the interim, MHB said its chief financial officer Wan Mashitah Wan Abdullah Sani would be appointed as acting CEO from May 1 this year.

Yinson Holdings Bhd saw its net profit drop 53% to RM47.43 million or 4.44 sen a share for the fourth financial quarter ended Jan 31, 2016 (4QFY16), from RM99.91 million or 10.51 sen a share a year ago, due to a gain on disposal in the preceding year.

Revenue for the quarter was down 5% at RM241.07 million compared with RM253.62 million in 4QFY15.

For the 12-month period to Jan 31, 2016 (FY16), net profit fell 10% to RM221.99 million or 20.8 sen a share from RM247.68 million or 26.06 sen a share a year ago, in line with a 10% decline in revenue to RM975.53 million in FY16 from RM1.083 billion in FY15.

The integrated offshore production and support services provider told Bursa that its results were lower for FY16 due to the recognition of a gain on disposal of subsidiary and joint venture of RM20.87 million and a fair value gain of RM30.52 million in forward contracts in FY15.

Excluding the gains, the group said its other operations segment saw an increase of RM17.23 million, which was attributed to net foreign exchange difference of about RM52 million, but was offset by impairment of available-for-sale financial assets of RM17.55 million and realised loss on derivatives of RM8.15 million.

Sona Petroleum Bhd, which is in the midst of securing its qualifying asset, has adjourned its extraordinary general meeting (EGM) after shareholders said they were unclear about the company's proposed RM80 million capital repayment.

The capital repayment hinges on the success of Sona's planned acquisition of the Stag Oilfield in Australia. After the EGM, Sona chairman Andre van Strijp said Sona would have another meeting within 30 days.

Today's EGM was intended to get Sona shareholders' consent for the group's planned acquisition of the Stag Oilfield for US$25 million (about RM99 million).

"We have just finished our EGM and the decision is to adjourn the EGM. We will have another within one month. We hope to obtain support of shareholders for the QA (qualifying acquisition) in Australia (then)," van Strijp told reporters.

He said the adjournment was due a number of shareholders who were unclear about the possibility of Sona's capital repayment and complained that there were not enough details on the capital repayment.

"They requested for more information on the capital repayment before voting on the Stag Oilfield buy proposal," he said.

Lay Hong Bhd has formed a joint venture (JV) with Tokyo-listed NH Foods Ltd (NHF) to expand meat-based business to the overseas market, such as Singapore and Japan.

In a filing with Bursa today, Lay Hong said it entered into a JV agreement with NHF to leverage on the latter's research and development and manufacturing skill to expand to markets with huge potential.

Lay Hong said the JV company would be named NHF Manufacturing (Malaysia) Sdn Bhd, and will operate the business under the brand name 'Nippon Nutriplus'.

The initial authorised share capital of the JV company is RM30 million divided into 30 million shares, with NHF and Lay Hong to hold 51% and 49% stake respectively.

YKGI Holdings Bhd, which saw its share price surge as much as 15% to hit a one-year high of 30 sen today, said it is contemplating a proposal for a par value reduction.

YKGI, which was responding to an unusual market activity (UMA) query by Bursa Malaysia, said apart from that, there are no other new developments that may account for the UMA.

YKGI is involved in the manufacture and sale of galvanized and coated steel products. It has been in the red for the past seven consecutive quarters, since the second quarter ended June 30, 2014 (2QFY14).

Annual net loss for FY15 narrowed to RM16.5 million, from RM26.64 million in FY14, mainly due to cheaper raw materials.

Revenue was 8.6% weaker at RM491.63 million, from RM537.69 million in FY14, due to weaker market and lower demand of its products.

Perdana Petroleum Bhd, which proposed the acquisition of two barges for US$84 million (RM330 million) last June, has decided to cancel its order for one of them due to the poor market conditions in the O&G industry.

The company said it has so far not identified any potential charter contract for the barge, and will have to incur additional operating and finance costs for servicing the loan if it accepted the delivery of the vessel.

"This will put unnecessary strain on the group's balance sheet and cash flows especially if the vessel remains idle for a prolonged period," it said in its filing with Bursa today.

Perdana Petroleum did not mention if it was reconsidering the acquisition of the second vessel as well.

The company said it has written off RM36.1 million being the 20% deposit for the first vessel, in the financial statement for the year ended Dec 31, 2015.

"The board do not foresee any financial impact in 2016," it added.