KUALA LUMPUR (Aug 24): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Aug 25) include Tenaga Nasional Bhd, Salutica Bhd, Ageson Bhd, Press Metal Aluminium Holdings Bhd, Bina Puri Holdings Bhd, Hap Seng Plantations Holdings Bhd, George Kent (Malaysia) Bhd, Suria Capital Holdings Bhd, Berjaya Corp Bhd, Leong Hup International Bhd, IJM Corp Bhd, KPJ Healthcare Bhd, IOI Corp Bhd, JF Technology Bhd, IJM Plantations Bhd, Panasonic Manufacturing Malaysia Bhd, Sunway Bhd, TSH Resources Bhd and Tan Chong Motor Holdings Bhd.
Tenaga Nasional Bhd (TNB) said today that via its wholly-owned subsidiary TNB Topaz Energy Sdn Bhd it has divested its entire tranche one investment comprising 105.6 million units in a compulsory convertible debenture issued by India-based GMR Bajoli Holi Hydropower Private Ltd for 1.18 billion rupees (RM67.04 million) to streamline TNB's international portfolio. The company said it is defocusing on India, and shifting its effort to pursue growth in TNB's focused markets such as the UK, Europe and Southeast Asia.
Ipoh-based electronics manufacturer Salutica Bhd has sealed its production areas after a member of its production workers tested positive for Covid-19. The company said the affected areas have been closed for deep cleaning purposes and sanitisation, adding that affected production workers have been quarantined accordingly.
Construction company Ageson Bhd posted a net profit of RM8.26 million for the fourth quarter ended June 30, 2021, a drop of 53.1% from RM17.62 million a year ago due to the lower margin from trading of construction materials and higher operating expenses. Despite lower net profit, revenue for the quarter grew 32.43% to RM51.28 million from RM38.72 million in the previous year, mainly due to higher billing recognised from trading of construction materials.
Press Metal Aluminium Holdings Bhd's net profit surged nearly threefold in the second quarter to RM255.58 million, from RM90.07 million a year earlier, due to higher aluminium prices. Revenue rose 52.22% to RM2.64 billion from RM1.73 billion in the same quarter last year.
Bina Puri Holdings Bhd has proposed to undertake a private placement of up to 10% of its total number of issued shares or 143.11 million shares, which based on an illustrative price of 5.41 sen per placement share is expected to raise RM7.74 million, of which RM7.4 million would be used for working capital.
Hap Seng Plantations Holdings Bhd's second quarter net profit rose 38.34% to RM47.42 million, from RM34.28 million a year earlier, on higher palm oil prices and volume. Quarterly revenue more than doubled to RM181.07 million, from RM83.57 million in the same quarter last year.
George Kent (Malaysia) Bhd posted a net profit of RM11.79 million for the first quarter ended June 30, 2021, up 556% versus the corresponding three-month period last year, amid strong global sales of water meters, while its revenue for the quarter stood at RM61.28 million. The group did not provide a comparable revenue figure, as it had changed its financial year end to March 31, from Jan 31 previously.
Suria Capital Holdings Bhd's net profit for the second quarter ended June 30, 2021 jumped to RM16.76 million compared with RM5.76 million recorded in the same period last year, while quarterly revenue rose to RM62.36 million from RM46.53 million previously. It attributed the increase in revenue to higher contributions from the core business of port operations, while higher net profit was attributed to higher revenue and lower operational costs for the quarter under review.
Berjaya Corp Bhd (BCorp) chief executive officer Abdul Jalil Abdul Rasheed said the diversified group via subsidiary Berjaya Land Bhd is now the largest hotel operator in Iceland with 1,471 keys across 14 hotels in that country under various brands. He said the group's Iceland hotels have bounced back very quickly due to Covid-19-led quarantine restrictions being removed.
Leong Hup International Bhd's second quarter net profit surged 87.5% to RM30.5 million, from RM16.27 million a year prior, due to increased revenue contributions from its livestock and poultry-related products segment. Its quarterly revenue expanded 30.1% to RM1.85 billion, from RM1.43 billion previously.
Diversified group IJM Corp Bhd posted a net profit of RM65.68 million for the first quarter ended June 30, 2021, down 64.76% from the RM186.39 million it netted in the immediate preceding quarter, as its business segments were impacted by the nationwide lockdown. Quarterly revenue was down 18.44% quarter-on-quarter to RM1.31 billion from RM1.6 billion, while earnings per share fell to 1.82 sen from 5.14 sen.
KPJ Healthcare Bhd's net profit dropped 45% year-on-year to RM6.96 million for the second quarter ended June 30, 2021, from RM12.66 million in the previous year's corresponding quarter. Revenue for the quarter rose 33% to RM632.83 million from RM475.85 million due to its Malaysia operations posting higher revenue contributions.
IOI Corp Bhd's net profit for the fourth financial quarter ended June 30, 2021 leapt 50.82% to RM359.4 million from RM238.3 million a year ago, mainly due to higher contributions from plantation and resource-based manufacturing segments. Quarterly revenue ballooned nearly 70% to RM3.46 billion year-on-year from RM2.04 billion.
JF Technology Bhd posted a record high net profit of RM15.2 million for its financial year ended June 30, 2021, up 89% from RM8 million in the previous year, amid lower operating cost-to-revenue ratio, stronger sales and higher gross profit margin. Revenue jumped 43% to RM38.3 million, from RM26.8 million in FY20, due to robust demand from its customers.
IJM Plantations Bhd's net profit fell 26.86% year-on-year to RM60.06 million in the first quarter ended June 30, 2021 from RM82.12 million, dragged by lower foreign exchange gains and higher operating expenses. The drop in earnings came despite a 31.91% year-on-year rise in quarterly revenue to RM271.72 million, from RM205.99 million, amid higher commodity prices, even as the group's fresh fruit bunch production was lower due to weather effects.
Panasonic Manufacturing Malaysia Bhd posted a net profit of RM17.86 million in the first quarter ended June 30, 2021, against a net loss of RM2.56 million a year ago, due to the low base effect arising from the implementation of the Movement Control Order in March last year, which resulted in the closure of plant operation and loss of sales due to orders not being met. Quarterly revenue jumped 64.63% to RM253.67 million versus RM154.08 million in the corresponding quarter a year earlier.
Sunway Bhd's net profit grew 20.65% to RM70.52 million for the second quarter ended June 30, 2021, compared with RM58.45 million in the immediate preceding quarter, thanks to better showing by its property development, property investment and healthcare segments. Quarterly revenue fell 4.8% to RM967.92 million, from RM1.02 billion in the preceding quarter, mainly due to lower contributions from the construction, trading and manufacturing, and quarry segments.
Plantation company TSH Resources Bhd's net profit doubled to RM39.72 million for the second quarter ended June 30, 2021 from RM19.82 million a year earlier, despite lower crude palm oil (CPO) and palm kernel sales, thanks to higher CPO and palm kernel prices. Quarterly revenue expanded 46% to RM307.41 million from RM210.57 million, as its palm oil product segment's revenue grew 37.2% to RM289.65 million from RM181.98 million.
Tan Chong Motor Holdings Bhd's net loss narrowed to RM22.21 million in the second quarter ended June 30, 2021, from RM79.36 million a year earlier, on the back of higher profit contributions from all its business segments. Revenue rose 24.4% to RM638.03 million, from RM512.89 million a year earlier, thanks to better contributions from its automotive, hire purchase and insurance, and investment and properties segments.