Axiata, CMSB, Berjaya Corp, Mega First, QL Resources, Sarawak Oil Palms, PPB, PJBumi, Apex Healthcare, Boustead Heavy, FGV, Supermax, Genetec, Icon Offshore, Titijaya, Public Bank, KSL, MHB, Pharmaniaga

TheEdge Thu, Nov 30, 2023 12:28am - 5 months View Original


KUALA LUMPUR (Nov 30): Here is a brief recap of some corporate announcements that made news on Wednesday: Axiata Group Bhd, Cahya Mata Sarawak Bhd, Berjaya Corp Bhd, Mega First Corp Bhd, QL Resources Bhd, Sarawak Oil Palms Bhd, PPB Group Bhd, PJBumi Bhd, Apex Healthcare Bhd, Boustead Heavy Industries Corporation Bhd, FGV Holdings Bhd, Supermax Bhd, Genetec Technology Bhd, Icon Offshore Bhd, Titijaya Land Bhd, Public Bank Bhd, KSL Holdings Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Pharmaniaga Bhd.

Axiata Group Bhd widened its net loss to RM797.41 million in the third quarter ended Sept 30, 2023 (3QFY2023) from RM52.4 million a year ago mainly due to asset impairment and lower share of results from subsidiary CelcomDigi Bhd. The impairment of RM1.01 billion during the quarter followed the reclassification of its Nepal unit Ncell as an asset held for sale, resulting in widened discontinuing operations loss of RM824.5 million. Quarterly revenue improved to RM5.7 billion from RM5.37 billion.

Cahya Mata Sarawak Bhd‘s net profit fell 93.5% to RM9.98 million in the third quarter ended Sept 30, 2023 (3QFY2023) from RM154.36 million a year earlier, due to a lower share of profit from its associates as well as an absence of one-off gains recognised during the previous year's corresponding quarter. The one-off gains recognised in 3QFY2022 also included a negative goodwill of RM62.47 million arising from the acquisition of Oiltools group and reversal of impairment of RM37.69 million on its subsidiary OM Materials' investment and loan. Quarterly revenue, in contrast, rose 8.4% to RM301.90 million from RM278.39 million a year ago, mainly due to higher contributions from its cement and Oiltools divisions.

Lower tax expenses helped Berjaya Corp Bhd return to the black with a net profit of RM15.77 million for its first quarter ended Sept 30, 2023 (1QFY2024), after incurring a net loss of RM79.33 million in the immediate preceding quarter and a net loss of RM16.42 million in the year-ago first quarter. Revenue grew 14% to RM2.57 billion from RM2.24 billion in 1QFY2023, driven by stronger contribution from its hospitality and property businesses, which benefited from higher residences sales and increase in overall average room rates. Although this resulted in a higher operating profit of RM176.98 million, up 15% from RM153.51 million in 1QFY2023, its pre-tax profit, weighed by increased finance costs, fell 5.2% to RM101.99 million from RM107.59 million.

Mega First Corp Bhd’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell 14.17% to RM102.53 million, from RM119.46 million a year before, amid lower revenue and lower share of results in equity accounted investment and other income. Other operating expenses and finance costs came in higher, dragging the group’s quarterly earnings.  Operating expenses rose to RM12.96 million from RM11.74 million previously, while finance costs surged to RM10.33 million from RM8.25 million previously. Quarterly revenue also declined by 13.77% to RM320.38 million, from RM371.53 million a year ago. The decline in revenue was mainly due to the deconsolidation of Serudong Power Sdn Bhd and lower sales contribution from the resources and packaging divisions.

QL Resources Bhd logged its best quarterly net profit in the second quarter ended Sept 30, 2023 (2QFY2024) after it posted a RM122.64 million net profit, representing a 30.61% surge from RM93.9 million recorded in the same period last year. The quarterly earnings is the highest for at least eight quarters since December 2021, after a better operating profit more than offset a lower share of associate's profits and higher tax expense. Quarterly revenue edged 4% higher to RM1.69 billion from RM1.64 billion.

Sarawak Oil Palms Bhd's third quarter net profit rose 14.83% to RM94.55 million from RM82.34 million a year earlier, thanks to higher fresh fruit bunches (FFB) production and higher sales volume. Quarterly revenue slipped 3.83% to RM1.27 billion from RM1.32 billion in 3QFY2022. On a quarter-on-quarter basis, Sarawak Oil Palms’ net profit climbed 96.5% from RM48.12 million in 2QFY2023 on the back of higher FFB and crude palm oil production volume, coupled with higher volume of palm products sold, while revenue increased 8.31% from RM1.18 billion.

PPB Group Bhd’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell 52.52% to RM372.55 million, from RM784.75 million in the corresponding quarter a year earlier, largely due to lower contribution from its 18.8%-owned associate,  the integrated agribusiness giant Wilmar International Ltd. PPB's quarterly revenue dropped 11.63% to RM1.46 billion from RM1.65 billion a year ago, its bourse filing on Wednesday showed, mainly due to the group's core grain and agribusiness segment recording a 13.82% lower topline of RM1.06 billion versus RM1.23 billion previously.

PJBumi Bhd said it has received a conditional development order from the Sungai Petani Municipal Council for the proposed development of its 4.6-acre industrial land in Sungai Petani, Kedah. The development comprises 24 units of smart medium industrial factories with an estimated gross development value of RM42 million. The group said that the construction period is 18 months.

Apex Healthcare Bhd’s net profit fell 10.11% to RM24.16 million or 3.38 sen per share for the third quarter ended Sept 30, 2023 (3QFY2023) compared with RM26.88 million or 3.78 sen per share in the previous year’s corresponding quarter, mainly due to lower share of earnings from its associate Straits Apex Group Sdn Bhd (SAG). Revenue was flat at RM235.34 million in 3QFY2023 from RM232.08 million in 3QFY2022, fuelled by higher market demand driven by strong post-pandemic economic recovery.

Boustead Heavy Industries Corporation Bhd registered a net loss of RM5.72 million in the third quarter ended Sept 30, 2023 (3QFY2023) from a net profit of RM564,000 in the same period last year, largely due to higher finance and operating costs. The group told Bursa Malaysia on Wednesday that its quarterly revenue rose by 7.34% to RM38.51 million from RM35.87 million a year ago, supported by higher revenue contribution from its defence segment.

FGV Holdings Bhd posted an 86.8% decrease in net profit for its third quarter ended Sept 30, 2023 (3QFY2023) to RM31.98 million, from RM241.67 million a year ago, owing to a significant fall in profit contribution from its plantation segment. The plantation group said its quarterly revenue fell 20.6% to RM4.91 billion versus RM6.18 billion previously, on the back of lower crude palm oil realised prices. No dividends were declared for the quarter.

Supermax Corp Bhd logged a net loss of RM2.05 million in the first quarter ended Sept 30, 2023 (1QFY2024), marking the group's fourth straight loss-making quarter, as revenue shrunk amid weaker demand and persistent lower selling prices. Its quarterly loss narrowed from the preceding three quarters. The glove maker recorded a loss after tax of RM108.07 million in 2QFY2023, RM39.91 million in 3QFY2023 and RM7.17 million in 4QFY2023. Quarterly revenue dropped 28.2% to RM177.96 million from RM247.96 million in 1QFY2023.

Genetec Technology Bhd, which completed its transition to Main Market of Bursa Malaysia last month, saw its net profit fall 26.35% to RM18.45 million for the second quarter ended Sept 30, 2023 (2QFY2024) from RM25.06 million in the corresponding quarter a year ago, due to loss on foreign exchange and lower margin in product mix, despite higher revenue. Quarterly revenue rose 2.57% to RM72.44 million from RM70.66 million a year earlier, driven by increased orders in the electric vehicle and energy storage segment. The group said it recorded a gross profit margin of 32% for 2QFY2024, down 12.4% from 2QFY2023.

Icon Offshore Bhd said third quarter net profit fell 18.83% to RM6.21 million, from RM7.65 million a year earlier, mainly due to the loss from its drilling segment. Quarterly revenue dropped 25.50% to RM58.49 million from RM78.51 million in 3QFY2022, despite a rise in offshore support vessel revenue due to higher daily charter rates. On a quarter-on-quarter basis, net profit came in higher than the RM4.44 million it logged in 2QFY2023, while revenue rose 4.80% from RM55.81 million. Icon declared an interim dividend of 0.05 sen, to be paid on Jan 9.

Titijaya Land Bhd reported an accident occurred on Tuesday night at its purpose-built logistics facility construction site in Barat Daya, Penang, resulting in the death of a worker. Citing its statement on Wednesday, the “tragic incident” involved foreign construction workers. However, the property developer did not disclose the details of the workers. Earlier, Bernama reported that the Penang Island City Council had issued an immediate stop work order to the developer, engineer and architect of the logistics warehouse construction project in Batu Maung, Bayan Lepas.

Public Bank Bhd's net profit for the third quarter ended Sept 30, 2023 rose 7% to RM1.70 billion from RM1.59 billion a year earlier, on the back of healthy loans and customer deposits growth. The banking group said revenue for the quarter rose to RM6.48 billion from RM5.50 billion. The banking group did not declare any dividend. For the cumulative nine months ended Sept 30, Public Bank posted a net profit of RM5.03 billion versus RM4.41 billion a year prior on the back of revenue of RM18.87 billion against RM15.36 billion.

Property developer KSL Holdings Bhd posted a 43.1% jump in its net profit for the third quarter ended Sept 30, 2023 (3QFY2023) to RM84.58 million from RM59.12 million a year ago, mainly contributed by the group’s flagship property projects in Johor Bahru, Kluang and Klang. Quarterly revenue rose 40.5% to RM267.31 million from RM190.26 million in 3QFY2022. For the nine-month period ended Sept 30, 2023 (9MFY2023), KSL recorded a net profit of RM285.07 million, more than double the net profit it recorded in the same period last year at RM125.91 million, as revenue leaped 92.7% to RM872.44 million from RM452.68 million.

Malaysia Marine and Heavy Engineering Holdings Bhd has secured a subcontract for an offshore substation high voltage direct current platform from Petrofac International LLC worth RM1.2 billion. The scope of the subcontract, which was awarded to MHB's wholly owned subsidiary Malaysia Marine and Heavy Engineering Sdn Bhd, consists of construction engineering, fabrication, mechanical completion, load out and sea fastening, and architectural works on an engineering, procurement and construction basis.

Pharmaniaga Bhd has proposed a regularisation plan that consists of a capital reduction, renounceable rights issue of news shares plus private placement, to raise up to RM654.61 million to pare down debts. The group also reported a net loss of RM49.34 million for the third quarter ended Sept 30, 2023 (3QFY2023), more than double the RM13.99 million net loss it logged a year earlier. The wider net loss was due to a one-off provision of RM65.2 million stock obsolescence from its expiring pandemic-related consumables inventory, such as personal protective equipment and needles. Quarterly revenue was marginally lower at RM885.49 million, against RM894.94 million last year, mainly due to lower sales within its non-concession business, stemming from the loss of a tender exercise for a blood cancer product.

 

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