Inari Amertron, FGV, IJM, UEM Sunrise, Paramount, BIMB, TM and Sime Darby

TheEdge Thu, Aug 29, 2019 12:24am - 4 years View Original


KUALA LUMPUR (Aug 28): Based on corporate announcements and news flow , companies in focus tomorrow (Aug 29) could include Inari Amertron Bhd, FGV Holdings Bhd, IJM Corp Bhd, UEM Sunrise Bhd, Paramount Corp Bhd, BIMB Holdings Bhd, Telekom Malaysia Bhd and Sime Darby Bhd.

Inari Amertron Bhd posted lower net profit of RM38.29 million for the final financial quarter ended June 30, 2019 falling 33% from RM57.1 million a year ago. However, the semiconductor maker is anticipating its performance to improve, at least for the first half of the current financial year ending June 30, 2020.

Its revenue dropped 10% to RM270.67 million from RM301.1 million a year ago. Meanwhile, earnings per share came in at 1.19 sen compared with 1.8 sen previously.

The fall in the group’s net profit is partly due to some RM23.7 million being booked in as disposal gain in the previous corresponding quarter. On top of that, lower revenue, higher depreciation costs and changes in product mix had also eaten into its profitability.

For the full year, Inari Amertron reported an annual net profit of RM191.7 million down 23% from RM249.26 million in the previous financial year. Revenue was also lower at RM1.152 billion against RM1.376 billion previously. EPS shrank to 6.06 sen for FY19 from 8.08 sen.

FGV Holdings Bhd is still keen to dispose of part of its 51%-stake in listed sugar refiner MSM Holdings Bhd, but seeks a strategic partner that is adept at logistics, and one that can also help with raw sugar supplies and expansion of export markets.

“It is all about getting the best value. If you look at the sugar market now, it is very weak, and as shareholders, we want to maximise the returns,” FGV group chief executive officer Datuk Haris Fadzilah Hassan told a press briefing.

MSM already controls 59% of the local sugar industry, and the company is not interested to partner with a player that is eyeing the same segment.

Thus far, interested parties in FGV’s subsidiary lack all three criteria, he added, “so we are still working to get the best fit.”

IJM Corp Bhd saw a 5.3% decline in net profit to RM59.42 million for the first financial quarter ended June 30, 2019  from RM62.76 million a year ago, mainly due to income tax expense and lower contribution from the investment and others division.

This resulted in a lower earnings per share of 1.64 sen compared with 1.73 sen previously.

Operating revenue for the quarter under review, however, was up 6.9% to RM1.54 billion from RM1.44 billion a year ago, on higher revenues contributed by the property development and infrastructure divisions.

Unfazed by worries of supply overhang in the property market, UEM Sunrise Bhd plans to nearly double the size of its new launches next year.

It is targeting to launch projects worth a total of RM2.02 billion in the Klang Valley and Johor in 2020, exceeding the RM1.2 billion target set for 2019.

The property developer's managing director and chief executive officer Anwar Syahrin Abdul Ajib said there will be fewer property projects launched in the first half of next year, but this will pick up in the second half, which will see the bulk of its offerings of RM1.57 billion worth of properties launched.

The launches slated for next year include new phases for Serene Heights in Bangi, Equine Land in Seri Kembangan, as well as Aspira ParkHomes, Aspira LakeHomes and Estuari Gardens and Senadi Hills in Johor.

Paramount Corp Bhd is planning new property launches worth some RM900 million in the second half of 2019 to achieve its RM1 billion sales target for the year.

Group chief executive officer Jeffrey Chew said the group has secured property sales of some RM310 million in the first half of 2019 compared to about RM600 million in the first half of last year. However, Paramount is maintaining its 2019 property sales target at RM1 billion.

"As at end-June 2019, the group has unbilled sales of about RM978 million," Chew told reporters here during a fund managers and analysts' briefing on Paramount's financials.

He said the unbilled sales is expected to provide clear earnings visibility for the group in the next three years.

BIMB Holdings Bhd posted a 30% jump in its net profit to RM195.16 million for the second financial quarter ended June 30, 2019, from RM149.91 million in the previous year's corresponding quarter.

Revenue for the quarter increased 16% to RM1.16 billion from RM992.17 million in the previous year's corresponding quarter.

The group said its Islamic banking operations, under Bank Islam Malaysia Bhd, achieved a 12% increase in profit before zakat and tax of RM217.5 million due to higher total income.

The takaful segment, which falls under Syarikat Takaful Malaysia Keluarga Bhd, profit before zakat and tax surged 58% to RM97.1 million from RM61.4 million a year earlier, attributed to increase in net wakalah fee income.

For the first half of the financial year, net profit increased 23% to RM397.68 million from RM322.05 million a year earlier, while revenue rose 17% to RM2.34 billion from RM1.99 billion.

Telekom Malaysia Bhd's (TM) net profit for the second quarter ended June 30, 2019 rose 12% to RM114.18 million or 3.04 sen per share from RM101.93 million or 2.71 sen per share a year ago.

This was despite a 6% drop in revenue to RM2.77 billion from RM2.94 billion due to a decline in voice, Internet and multimedia services, other telecommunication related as well as non-telecommunication related services.

For the first half 2019, TM reported a net profit of RM422.46 million, up 63% from RM259.09 million last year, though revenue fell 4% to RM5.55 billion from RM5.78 billion.

Permodalan Nasional Bhd (PNB) president and group chief executive officer Datuk Abdul Rahman Ahmad will assume the role of chairman and non-independent non-executive director of Sime Darby Bhd upon Tan Sri Dr Wan Abdul Aziz Wan Abdullah's retirement on Oct 31.

Diversified group Sime Darby said Wan Abdul Aziz, 67, plans to retire "due to health reasons".

Sime Darby said Abdul Rahman, 50, will be appointed non-independent non-executive director on Sept 1 before assuming the role of chairman on Oct 31.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

BIMB 2.530
FGV 1.380
IJM 2.440
INARI 3.200
PARAMON 1.180
SIME 2.610
TAKAFUL 3.590
TM 6.040
UEMS 1.190

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