Hartalega, Westports, Sunway REIT, Velesto, Dolphin International and Frontken

TheEdge Tue, Nov 05, 2019 11:53pm - 4 years View Original


KUALA LUMPUR (Nov 5): Based on corporate announcements and news flow today, companies in focus tomorrow could include: Hartalega Holdings Bhd, Westports Holdings Bhd, Sunway Real Estate Investment Trust (Sunway REIT), Velesto Energy Bhd, Dolphin International Bhd and Frontken Corp Bhd. 

Hartalega Holdings Bhd saw a 13% drop in its net profit to RM103.87 million in its second financial quarter ended Sept 30, 2019 (2QFY20), from RM120.22 million a year ago, due to lower average selling price and higher packaging and fuel costs.

The lower average selling price dragged the group’s quarterly revenue marginally lower to RM709.42 million, from RM714.24 million in 2QFY19, the nitrile glove manufacturer’s exchange filing  showed.

Despite lower profitability, Hartalega’s board declared its first interim single-tier dividend of 1.8 sen per share in respect of the financial year ending June 30, 2020 (FY20). The dividend is payable on Dec 27.

Westports Holdings Bhd's net profit rose 11.9% to RM159.24 million in the third quarter ended Sept 30, 2019 from RM142.32 million a year ago, on increased container throughput and the implementation of a container tariff hike effective March.

This resulted in a higher earnings per share of 4.67 sen from 4.17 sen.

Revenue for the quarter also increased 10.3% to RM460.43 million from RM417.55 million a year ago.

This strong quarterly performance lifted the group's net profit for the cumulative nine months  by 20% to RM465.46 million from RM387.93 million a year ago, while revenue was up 11.1% to RM1.33 billion from RM1.2 billion.

Sunway Real Estate Investment Trust's (Sunway REIT) net property income (NPI) grew 7.7% to RM119.07 million for the first quarter ended Sept 30, 2019, from RM110.51 million during the same period last year, in line with higher revenue.

Its quarterly revenue was up 8.1% at RM155.35 million from RM143.74 million a year ago, while net profit rose 8% to RM78.82 million from RM73.01 million, according to a filing to Bursa Malaysia .

The higher earnings were attributed to contribution from the newly-acquired Sunway university and college campus and better performance across all segments.

The group also declared a first income distribution per unit (DPU) of 2.5 sen for the financial year ended June 30, 2020, to be paid on Dec 4.

Velesto Energy Bhd said its unit has bagged a contract worth US$131 million (RM541.17 million) from Carigali Hess Operating Company Sdn Bhd.

Carigali Hess, an oil and gas joint venture between PCJDA Ltd and Hess Oil Company of Thailand Ltd, is involved in gas production in the joint development area administered by the Malaysian-Thailand Joint Authority.

Velesto said in an exchange filing that the contract, awarded to its indirect wholly-owned unit Velesto Drilling Sdn Bhd, is for the provision of a 10K jack up drilling rig.

The contract will commence in the second half of 2020 for a duration of three years, with three extension options of six months each.

Dolphin International Bhd, a manufacturer of palm oil milling machinery, says  it will defer plans to diversify its core business to include construction and property development, to a later date but did not give any reasons.

In March, the group announced that it intends to diversify and expand its existing principal business activities to include construction and property development in order to enhance its prospects.

It said the proposed diversification may contribute 25% or more of the group's net profit in the future.

Dolphin said it will, however, proceed to dispose of two parcels of land and a 1 1/2 storey semi-detached factory in Puchong, Selangor, for RM5 million to LYL Engineering Sdn Bhd, will proceed before end-December.

Frontken Corp Bhd's third quarter net profit grew 25.43% to RM19.05 million, from RM15.19 million a year earlier, mainly due to improved profit margins. 

Earnings per share for the quarter ended Sept 30, 2019 rose to 1.82 sen from 1.45 sen previously, the group said .

Quarterly revenue edged up 1.39% to RM87.05 million from RM85.86 million a year ago, mainly attributable to the better business performance of Frontken's Singapore subsidiary.

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