KUALA LUMPUR (Feb 16): Based on corporate announcements and news flow today, companies likely to be in focus tomorrow (Wednesday, Feb 17) include: Hartalega, UEM Sunrise, Bioalpha, PUC Founder, Dialog, Hektar REIT, Suria Capital, TSR Capital and Barakah Offshore.
Hartalega Holdings Bhd saw its net profit for the third quarter ended Dec 31, 1015 surge 47% to RM72.8 million or 4.44 sen per share, from RM49.5 million or 3.20 sen per share in the previous corresponding period.
The significant increase was largely due to the company’s continuous expansion in production capacity and higher demand.
For the cumulative nine-month period, Hartalega registered a net profit of RM195.9 million or 11.95 sen per share, an increase of 26.6% compared to the previous corresponding period’s RM154.8 million or 9.99 sen per share. The company recognised a net foreign exchange loss of RM21 million for the nine-month period, compared with RM5.6 million previously.
According to the filing with Bursa Malaysia, Hartalega has proposed a second interim dividend of two sen per share, payable on March 30.
Looking ahead, the company is optimistic that it will achieve the internal target growth for the year ending March 31, 2016 on the back of strong demand for nitrile rubber gloves.
UEM Sunrise Bhd has entered into a joint venture with Mulpha International Bhd to develop three parcels of land in Nusajaya, with a gross development value (GDV) of RM5 billion.
At the signing ceremony today, UEM Sunrise managing director/chief executive officer Anwar Syahrin Abdul Ajib said the 50:50 JV company will be developing the three parcels of land over 20 years.
Two parcels of the land, which currently belong to UEM Sunrise, measure a total 129.79 acres. The development of the land, which is located next to Mulpha’s Leisure Farm gated development, will be led by Mulpha. Meanwhile, the remaining parcel measuring 65.48 acres, located near Gerbang Nusajaya, will be developed by UEM Sunrise.
Bioalpha Holdings Bhd and PUC Founder (MSC) Bhd have scrapped a memorandum of understanding (MoU) on land rights sharing between the two parties.
To recap, both companies had inked a land rights sharing agreement to enable PUC Founder to further expand its investment in the renewable energy industry and generate additional income for the group.
PUC Founder had said on Aug 19 last year that the MoU will see Bioalpha undertaking herbs planting activities on the lands owned by PUC Founder and its subsidiary, on which its solar photovoltaic (PV) plants are to be located.
At the same time, PUC Founder will construct and operate solar PV plants on the lands owned by Bioalpha and its subsidiaries, which Bioalpha currently utilises for its herbs-planting activities.
PUC Founder had said the MoU will enable the group to expand its investment in the renewable energy industry and generate additional income for the group.
In a filing with Bursa Malaysia, Bioalpha said the MoU is no longer commercially viable, subsequent to a feasibility study conducted.
Dialog Group Bhd's net profit fell 2.18% to RM78.01 million for its second quarter ended Dec 31, 2015 (2QFY16), from RM79.75 million a year ago, despite revenue rising by 12.16% to RM639.63 million, from RM570.29 million previously.
The drop in profit was mainly due to lower contribution from its Malaysia operations.
For the first six months of the financial year, Dialog saw its net profit rise 6.5% to RM138.08 million or 2.7 sen a share, from RM129.65 million or 2.63 sen a share for the previous corresponding period.
Revenue grew 6.31% to RM1.18 billion, from RM1.11 billion.
Dialog said the group’s share of profit from joint ventures for the current quarter was RM15 million against a loss of RM6.2 million shared in the previous corresponding period.
The share of profit for the current quarter was mainly derived from the group’s interest in terminal operations in Kertih, Terengganu, Tanjung Langsat, Johor and Pengerang, Johor.
On prospects, Dialog said the group remains confident that its business model is well structured and able to withstand current oil price volatility and currency movements.
Fair value adjustment arising from revaluation of its assets led Hektar Real Estate Investment Trust (Hektar REIT) to post a net loss of RM28.92 million in the fourth quarter ended Dec 31, 2015 (4QFY15), compared with a net income of RM17.58 million a year ago.
The fair value loss amounted to RM39.93 million in 4QFY15, compared with a RM6.13 million fair value gain in 4QFY14.
This was despite its net property income (NPI) rising 3.6% to RM19.5 million from the year-ago period, on higher revenue which also grew 3.6% to RM31.93 million in 4QFY15, from 30.83 million in 4QFY14.
Hektar REIT also declared a final distribution per unit (DPU) of 2.7 sen for 4QFY15, amounting to RM10.82 million, payable on March 18. This brings total DPU distributions for the year to 10.5 sen.
Sabah-based port operator and property developer Suria Capital Holdings Bhd will head the works for Sapangar Bay Container Port’s (SBCP) expansion, with the federal government already allocating RM800 million under the 11th Malaysia Plan (11MP) for the job.
Construction work for the first stage of development will begin early next year and is expected to be completed by 2019, Suria Capital said in a filing with Bursa Malaysia today.
The company said its wholly-owned subsidiary Sabah Ports Sdn Bhd had been made the implementing agency for the expansion programme of SBCP, which handles about 70% of Sabah’s container throughput currently. Sabah Ports is the operator for all seven of Sabah Ports Authority’s ports, with a concession period of 30 years.
Suria Capital said that RM7 million will be used within the first year of 11MP’s implementation — being this year, and RM365 million in 2017.
The expansion works will more than double SBCP’s handling capacity to 1.25 million TEUs (20-foot equivalent units), from 500,000 TEUs.
Suria Capital said the port currently handles about 300,000 TEUs a year, with an annual growth rate of 5% to 6%
TSR Capital Bhd proposes to buy a private company that owns a piece of land in Mutiara Damansara, Petaling Jaya, which is to be developed into an office building, for RM48.1 million.
The builder cum property developer said its wholly-owned subsidiary TSR Mix Sdn Bhd (TMSB) has signed a sale and purchase agreement with Datuk Seri Meer Sadik Habib Mohamed and Datin Seri Zarida Noordin for the acquisition of the entire equity of Satu Kahwin Sdn Bhd (SKSB).
SKSB is the registered owner of a presently vacant freehold land with commercial status, measuring about 5,000 square metres.
TSR said TMSB will acquire the land which has been issued a development order for two blocks of office towers comprising 19 storeys and 11 storeys, as well as a four storey-basement carpark.
The preliminary estimates of the gross development value of the project is RM230 million.
TSR expects to complete the deal, which requires its shareholders’ approval, by the second quarter of 2016.
Barakah Offshore Petroleum Bhd has clinched a RM19.1 million subcontract from Petronas Floating LNG 1 (L) Ltd (PFLNG) for offshore works at the latter's floating liquefied natural gas (LNG) plant to be located offshore Sarawak or Sabah.
In a filing with Bursa Malaysia, Barakah said the contract offered to its wholly-owned subsidiary PBJV Group Sdn Bhd is Package 3 of PFLNG's development of the LNG plant, which involves the provision of engineering, procurement, installation and related activities.
The oil and gas company said upon completion, the floating LNG plant would have a rated capacity of 1.2 tonne per annum.
It said the contract is expected to contribute positively towards Barakah's earnings and net assets per share for the duration of the contract from December 2015 to October 2016.
http://www.theedgemarkets.com/my/article/hartalega-uem-sunrise-bioalpha-puc-founder-dialog-hektar-reit-suria-capital-tsr-capital-and
