KUALA LUMPUR (Nov 16): Here is a brief recap of some corporate announcements that made news on Thursday: Sunway Real Estate Investment Trust’s (Sunway REIT), Pecca Group Bhd, United Plantations Bhd, Formosa Prosonic Industries Bhd, Salutica Bhd, MAA Group Bhd, ELK-Desa Resources Bhd, Bumi Armada Bhd.

Sunway Real Estate Investment Trust’s (Sunway REIT) net property income (NPI) increased by 6.6% to RM136.75 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM128.24 million a year earlier in line with higher revenue driven by sharp increase in hotel segment’s earnings. Furthermore, strong performance in both the domestic and international leisure sectors, coupled with full room occupancy at Sunway Resort Hotel since July this year are also other factors contributing to higher earnings for the quarter. The REIT said its revenue rose 5.8% to RM175.84 million from RM166.24 million. No income distribution was declared for 3QFY2023.

Pecca Group Bhd has reported a 55.8% surge in net profit for its first financial quarter ended Sept 30, 2023 (1QFY2024) at RM13.01 million, from RM8.35 million a year earlier, thanks to higher sales of upholstery car seat covers and improved operational efficiency. This the automotive upholstery maker's highest-ever quarterly net profit. Pecca has posted record profit and revenue for the past three financial years, and 1QFY2024 is also the fifth consecutive quarter of record profit. The record net profit was on the back of a 16.7% growth in quarterly revenue to RM64.05 million, against RM54.86 million in 1QFY2023.

United Plantations Bhd (UP) recorded a net profit of RM235.68 million for its third quarter ended Sept 30, 2023 (3QFY2023), up 19.8% from RM196.72 million in the previous year’s corresponding period, despite lower revenue and share of results from its joint ventures, thanks largely to lower operating and income tax expenses. The group declared an 80 sen dividend for its financial year ending Dec 31, 2023 (FY2023), comprising an interim payout of 40 sen per share and an extraordinary dividend of 40 sen per share. Both dividends will be paid on Dec 14.

Formosa Prosonic Industries Bhd’s net profit rose 10.47% to RM48.87 million in the third quarter ended Sept 30, 2023 (3QFY2023) from RM44.24 million a year before, thanks to a gain on disposal of property plant and equipment amounting to RM7.3 million. On operations, Formosa's gross profit fell 4.57% to RM47.81 million from RM50.1 million. This was on the back of a 21.87% drop in revenue to RM234.46 million from RM300.1 million previously, due to lower sales volume.

Salutica Bhd, which is involved in a legal suit with Apple's unit in Malaysia for alleged patent infringement, on Thursday filed a similar suit against the US tech giant's Singapore-based subsidiary, Apple South Asia Pte Ltd. The new suit was filed at Singapore's High Court by Salutica's wholly-owned unit, Salutica Allied Solutions Sdn Bhd (SAS), which manufactures mobile communication products, wireless electronic and lifestyle devices and vertical integration processes covering design and development. SAS is seeking, among others, a declaration that its patent is valid and has been infringed by Apple South Asia, and an injunction to restrain the Apple firm from making, disposing, using, importing or keeping products that infringe the patent.

MAA Group Bhd emerged as one of the top gainers, after announcing a plan to divest an 85% stake in its wholly-owned Philippine general insurance business — MAA General Assurance Philippines Inc — to Triple P Philippines Pte Ltd for US$49.3 million (RM234.86 million) cash. Shares in MAA opened 15.5 sen or 34.83% higher at 60 sen on Thursday, and rose further to hit an intraday high of 61 sen, the highest in 13 months. The stock then closed at 44.5 sen, still up 10 sen or 28.99%, giving the group a market value of RM117.36 million. The counter saw a total of 11.84 million shares changing hands, 73 times its two-month average of 161,750 shares.

ELK-Desa Resources Bhd, a non-bank lender focused on the used-car sector, saw its net profit decline 23.3% to RM8.84 million in the second quarter ended Sept 30, 2023 (2QFY2024), from RM11.53 million a year earlier, on higher impairment allowances. Revenue rose 8.77% to RM39.2 million from RM36.04 million in 2QFY2023, primarily due to the expansion of the group’s hire purchase portfolio. ELK-Desa declared an interim dividend of two sen per share, to be paid on Dec 18.

Bumi Armada Bhd’s net profit increased by 18.73% to RM177.77 million for the third quarter ended Sept 30, 2023 (3QFY2023) from RM149.72 million a year earlier, on higher operating income and lower finance cost. Revenue declined 19.64% to RM524.8 million from RM653.07 million in 3QFY2022 as cost of sales fell 24.07% to RM283.47 million from RM373.35 million. Net profit for the first nine months of FY2023 slipped 4.64% to RM497.55 million from RM521.73 million in the previous corresponding period, on lower contribution from its Armada Kraken floating, production, storage and offloading (FPSO) facility and foreign exchange losses.