FGV, Dutch Lady, MMC Corp, Hibiscus, Tiong Nam, Paramount, Notion VTec, Guan Chong, Tomei, Lay Hong, LTKM, Lagenda Properties, Karex, Fajarbaru Builder, Revenue Group, Ho Hup, Tan Chong and Pharmaniaga

TheEdge Tue, Aug 25, 2020 12:44am - 3 years View Original


KUALA LUMPUR (Aug 24): Based on corporate announcements and news flow today, companies that may be in focus tomorrow include FGV Holdings Bhd, Dutch Lady Milk Industries Bhd, MMC Corp Bhd, Hibiscus Petroleum Bhd, Tiong Nam Logistics Holdings Bhd, Paramount Corp Bhd, Notion VTec Bhd, Guan Chong Bhd, Tomei Consolidated Bhd, Lay Hong Bhd, LTKM Bhd, Lagenda Properties Bhd, Karex Bhd, Fajarbaru Builder Group Bhd, Revenue Group Bhd, Ho Hup Construction Co Bhd, Tan Chong Motor Holdings Bhd and Pharmaniaga Bhd.

FGV Holdings Bhd reported a second-quarter net profit of RM20.55 million versus a net loss of RM52.2 million a year earlier, helped by an improvement in the group's oil palm plantation operations. Revenue rose marginally to RM3.29 billion from RM3.28 billion. The results were also an improvement over the net loss of RM142.35 million reported for the preceding quarter, on revenue of RM2.78 billion.

Dutch Lady Milk Industries Bhd's net profit rose 23.5% to RM21.23 million for the second quarter, from RM17.19 million a year ago, driven by higher demand for its products and lower and efficient commercial spend. The earnings, however, were partially impacted by negative mix (channel and portfolio) and increased global dairy raw material prices. Revenue for the quarter increased by 12.3% to RM273.52 million from RM243.61 million a year ago.

MMC Corp Bhd's second-quarter net profit grew 15.08% to RM77.36 million, from RM67.23 million a year earlier, due to higher share of the results of associate Malakoff Corp Bhd, gain on sale of land at Senai Airport City and lower operating expenses. This was despite a 19.47% fall in revenue to RM990.68 million, from RM1.23 billion previously, due to slower progress of the MRT2 project (Putrajaya Line) and lower passenger and cargo volumes at Senai Airport, along with lower volume handled across all ports as a result of the Movement Control Order (MCO).

Hibiscus Petroleum Bhd slipped into a net loss of RM145.20 million for the fourth quarter ended June 30, 2020, mainly due to provisions for impairment of oil and gas assets amounting to RM196.3 million. In contrast, it posted a net profit of RM24.72 million for the corresponding quarter a year ago, while revenue slumped 83.34% to RM39.5 million from RM237.07 million.

Tiong Nam Logistics Holdings Bhd posted a net loss of RM5.53 million for its first quarter ended June 30, 2020, 28% wider than the preceding quarter's net loss of RM4.32 million. In contrast, it posted a net profit of RM1.94 million for the previous financial year's first quarter. Quarterly revenue fell 18.02% to RM122.99 million, from RM150.03 million a year earlier, due to the MCO which spanned the period under review.

Property developer Paramount Corp Bhd slipped into the red in the second quarter, posting a net loss of RM3.7 million compared with a net profit of RM28.47 million a year ago, mainly due to the unprecedented disruption caused by the Covid-19 pandemic to the property division. Quarterly revenue fell 70.4% to RM64.2 million from RM216.94 million a year ago.

Notion VTec Bhd, which saw its share price jump 77% within a month, reported a net loss of RM10.86 million for the third quarter ended June 30, 2020 due to loss of orders and production loss, as its supply chain and customers were both impacted by the MCO. The precision parts manufacturer reported a net loss of RM3.76 million for the preceding quarter and a net profit of RM1.87 million for the previous financial year's third quarter. Revenue for the April-June quarter totalled RM40.05 million, a 28.93% fall from RM56.36 million a year earlier, and a 35.73% decline from RM62.31 million in the preceding quarter.

Guan Chong Bhd recorded a 6.6% lower net profit of RM56.98 million for its second quarter, compared with RM61 million net profit a year ago, as a result of higher cocoa bean prices. This was despite revenue rising 20.94% to RM910.78 million from RM753.06 million, due to higher selling prices of cocoa products and revenue contributed by a newly acquired subsidiary, Schokinag Holding GmbH.

Despite physical store closures during the MCO period, Tomei Consolidated Bhd's second-quarter net profit shot up by 69.6% to RM1.89 million from RM1.12 million a year earlier, thanks to the rise in gold prices. Quarterly revenue, however, fell 43.82% to RM76.13 million, from RM135.51 million.

Integrated poultry farmer Lay Hong Bhd saw its net profit jump 34.3% to RM5.19 million for its first quarter ended June 30, 2020, from RM3.86 million a year ago, on higher revenue. Revenue grew 17.8% to RM238.19 million from RM202.22 million as both food manufacturing and the retail business recorded increases in revenue by 6.64% and 16.14% respectively.

LTKM Bhd, meanwhile, posted a net loss of RM8.4 million for the first quarter ended June 30, 2020, from a net profit of RM510,000 a year earlier, on lower sales volume and average egg prices. Revenue fell to RM27.92 million from RM48.25 million.

Lagenda Properties Bhd, formerly known as DBE Gurney Resources Bhd, expects stronger performances in the coming quarters due to the recent acquisitions of two ongoing flagship affordable township projects — Bandar Baru Setia Awan Perdana and Lagenda Teluk Intan. The developer said these acquisitions were completed on Aug 12, and that the post-acquisition profits will be incorporated from the third quarter. Meanwhile, for the second quarter, net profit more than tripled year-on-year to RM2.6 million from RM652,000, despite revenue contracting 50.13% to RM10.46 million from RM20.97 million — caused by the implementation of the MCO which delayed construction progress at all sites.

Leading condom maker Karex Bhd is jumping on the glove bandwagon with plans to venture into the manufacture and sale of medical gloves. It will spend RM40 million to set up two production lines 12 months from today, which are expected to have an annual production capacity of 500 million gloves. Meanwhile, it posted a profit of RM1.43 million for its fourth quarter ended June 30, 2020, from a net loss of RM1.01 million recorded a year earlier, helped by stronger sales of its products in the Americas. Revenue grew 3.91% to RM91.09 million from RM87.66 million.

Fajarbaru Builder Group Bhd has secured a RM108.03 million contract from Malton Bhd to develop the second phase of the Duta Park Residences high-rise residential project along Jalan Kuching.

Ho Hup Construction Co Bhd has bagged a RM137 million contract for upgrading works under phase two of the Klang Valley Double Track project. The three-year contract was awarded by Dhaya Maju Infrastructure (Asia) Sdn Bhd.

Cashless payment solutions provider Revenue Group Bhd has bagged a deal to provide e-wallet services at all Caltex petrol stations nationwide. The deal will see smart digital payment terminals installed at over 420 Caltex petrol stations, accepting local e-wallet payments from Touch 'n Go eWallet, Boost and GrabPay, with the group expecting work to be completed at the end of the month.

Tan Chong Motor Holdings Bhd said the High Court has granted an interim stay of the RM180.11 million excise duty claim by the Customs Department until Sept 3. The excise duty claim was issued by the Customs Department on May 15. Tan Chong intends to apply for leave to appeal against the claim after the Customs Department this month maintained the demand following Tan Chong's request for review back in June.

Pharmaniaga Bhd said its sterile liquid injectable plant, which is suitable to cater to the fill and finish process of a Covid-19 vaccine, can cater to around 10 million doses per month. The group's acting managing director, Mohamed Iqbal Abdul Rahman, said given the readiness of the existing line, only a minimal investment of less than RM2 million will be needed to further gear up the plant. Pharmaniaga is one of few companies identified by the government recently to use its existing facilities for bottling the vaccine when it becomes available.

Edited by S Kanagaraju

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






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