KUALA LUMPUR (April 28): Based on corporate announcements and news flow today, companies that might be in focus tomorrow (Friday, April 29) include: Westports Holdings Bhd, Eco World Development Group Bhd (EcoWorld), Tasek Corp Bhd, Spritzer Bhd, Pavilion REIT, Petaling Tin Bhd, Karambunai Corp Bhd, GHL Systems Bhd, AirAsia Bhd, Negri Sembilan Oil Palms Bhd (NSOP), Nakamichi Corp Bhd, Sasbadi Holdings Bhd, Pasdec Holdings Bhd, Tiong Nam Logistics Holdings Bhd, Lay Hong Bhd, DPS Resources Bhd, Homeritz Corporation Bhd, Muhibbah Engineering (M) Bhd, Atlan Holdings Bhd and Gadang Holdings Bhd.
Westports Holdings Bhd’s first quarter net profit rose 42% to RM171.08 million, from RM120.19 million a year earlier, as the port operator's container throughput increased.
In a statement to Bursa Malaysia today, Westports said profit growth for the quarter ended March 31, 2016 (1QFY16) also came on the one-off gain from its securities investment disposal.
Westports said group revenue grew to RM464.71 million, from RM398.72 million, as container throughput increased 7% to 2.41 million twenty-foot equivalent units (TEU), from 2.26 million.
Profit before tax (PBT) rose to RM211 million, from RM159.6 million.
"The higher growth in PBT is due to one-off gain on disposal of investment in securities and excluding the one-off gain, the growth is at 19%. "The higher growth in PBT was attributable to revision in container tariff and lower fuel cost," Westports said.
Eco World Development Group Bhd (EcoWorld) is proposing a private share placement to raise as much as RM768.39 million for EcoWorld International Bhd's initial public offering (IPO).
In a filing with Bursa Malaysia today, the property developer said it wants to place out some 591.07 million new shares, which is equivalent to 25% of its existing paid-up capital, to raise as much as RM768.39 million, based on an indicative issue price of RM1.30 apiece.
EcoWorld said a total of RM468 million or 60.9% of the fresh capital raised will be set aside for the share acquisition at EcoWorld International's IPO.
Cement maker Tasek Corp Bhd's net profit slipped 3.8% to RM22.67 million in its first quarter ended March 31, 2016 (1QFY16), from RM23.57 million last year, largely on lower interest income and contribution from an associated company.
Its interest income of RM2.4 million for 1QFY16 was lower compared with RM2.9 million last year, because of lesser amount of funds placed on term deposits, while the share of profit from the associate fell 76.6% on lower volume of sales and higher cost.
Revenue for the quarter, however, rose 3% to RM171 million, from RM166 million a year ago, as revenue from its cement and concrete segments improved, according to its bourse filing.
The cement segment registered a higher operating profit of RM25.4 million in 1QFY16 on net revenue of RM137.6 million compared with 1QFY15's operating profit of RM24.9 million on net revenue of RM133 million.
Property developer EcoFirst Consolidated Bhd, which saw its net profit more than double to RM1.51 million in its third financial quarter ended Feb 29, 2016 (3QFY16), will focus on the acquisition of 87 acres of prime land in Ulu Klang, Selangor, which is currently underway.
Its group chief executive officer and executive director Datuk Tiong Kwing Hee said its plans for the land will keep it busy and secure steady income for EcoFirst for the next 10 years.
Spritzer Bhd’s net profit for the third quarter ended Feb 29 (3QFY16) rose 14.8% to RM6.19 million, from RM5.39 million a year ago, due to lower income tax expense.
Earnings per share (EPS) rose to 4.21 sen, from 3.88 sen previously, the bottled mineral water manufacturer cum distributor told Bursa Malaysia in a filing today.
The group said its effective tax rate for 3QFY16 was lower than the statutory income tax rate, mainly due to the overprovision of deferred tax, and recognition of deferred tax assets on unutilised reinvestment allowance carried forward.
Pavilion Real Estate Investment Trust's (Pavilion REIT's) net property income (NPI) for the first quarter ended March 31, 2016 (1QFY16) stood at RM75.64 million, up from RM72.94 million in 1QFY15.
Its net profit edged up by 1.62% to RM61.47 million, from RM60.49 million in the corresponding quarter last year, mainly due to higher NPI.
For the quarter under review, the group registered a revenue growth of 1.49% to RM106.7 million, from RM105.1 million a year ago.
In a note to Bursa Malaysia today, Pavilion REIT said total operating expenses were lower by RM1.1 million or 4% for the quarter under review, compared with 1QFY15.
Petaling Tin Bhd announced it has received a notice of unconditional mandatory takeover on behalf of its president Tan Sri Dr Chen Lip Keong for all shares he does not own, for 24 sen per share.
According to a bourse filing, Chen had on April 28 acquired some 133.24 million shares, equivalent to 38.53% of the company's share base, increasing his and the persons acting in concert (PACs) stake to 65.07%, from 26.54% prior to the acquisition.
The PACs consist of Puan Sri Lee Chou Sarn, the spouse of Chen, and his three sons, Chen Yiy Hwuan, Chen Yiy Fon and Chen Yepern.
Tan Sri Dr Chen Lip Keong, long term president of Karambunai Corp Bhd (KCB), has offered to buy all the remaining ordinary shares of KCB at 5 sen per offer share and all the remaining outstanding warrants of KCB at 2 sen per offer warrant.
The offer, which also applies to any new KCB shares that may be issued prior to the closing date of the offer, is not conditional upon any minimum level of acceptances of the offer shares, as Chen holds more than 50% of voting shares in KCB.
Chen, who has been the president and non-independent executive director of Karambunai since 1991, currently holds 68.46% of voting shares in KCB.
GHL Systems Bhd has launched its Bluetooth-enabled mobile point of sales service (mPOS), dubbed AirPOS, for small and medium enterprises to accept cashless payments on smartphones or tablets.
In a statement today, GHL said the product is also designed for entrepreneurs, as well as service personnel who are constantly on the move.
“AirPOS allows businesses to accept payments via Credit and Debit Cards, and thus have access to 50 million local ATM cards in Malaysia, anywhere, anytime,” it said.
“AirPOS is also Malaysia’s First Chip & Pin mPOS to accept ATM cards for payment, known as MyDebit by Malaysian Electronic Clearing Corp Sdn Bhd (MyClear), a subsidiary of Bank Negara Malaysia,” GHL added.
AirAsia, NSOP, Nakamichi, Sasbadi, Pasdec, Tiong Nam, Lay Hong, DPS, Homeritz, Muhibbah, Atlan and Gadang
The US-based Wellington Management International Ltd has disposed 18.47 million shares in AirAsia Bhd. According to Bursa Malaysia, Wellington Management Global Holdings had on April 19, ceased to be AirAsia’s substantial shareholder.
However, it did not disclose the transaction price.
Negri Sembilan Oil Palms Bhd’s (NSOP) value of its freehold and leasehold lands has increased to RM66.5 million, bringing the group's total land value to RM428.7 million.
“The board today approved the incorporation of an increase in value of its lands arising from the valuation of freehold and leasehold lands by the group in the consolidated financial statements for the financial year ended Dec 31, 2015.
“An amount of RM66.49 million, representing the increase in the fair value of the lands arising from the valuation performed by a professional valuer, is recognised in property, plant and equipment,” NSOP told Bursa Malaysia in a filing.
Practice Note 17 (PN17) Nakamichi Corp Bhd has inked a memorandum of understanding (MoU) with Aktau Transit LLP (AT) on a proposed collaboration to jointly develop AT oilfields in Aktau, Kazakhstan.
In a filing with Bursa Malaysia today, Nakamichi said the MoU is part of its regularisation plan.
The timber company, whose shares have been suspended from trading for more than two years, said Nakamichi and AT have jointly agreed to commence discussions and negotiations on the structures and terms of the MoU, with the intention of finalising and entering into the relevant definitive agreements within three months from the date of the MoU.
Sasbadi Holdings Bhd's units have secured three textbook contracts worth a total of RM7.71 million from the Ministry of Education (MoE).
In a bourse filing today, Sasbadi said its wholly-owned unit Sasbadi Sdn Bhd (SSB) has signed and accepted a letter of acceptance from the ministry dated April 28 to publish, print and supply the textbook package on Mathematics for Year 1 of the Chinese national-type primary schools (SJKC) throughout Malaysia.
The Mathematics textbook contract, which starts today, will last till Dec 31, 2018. The deal is valued at RM3.89 million.
Pasdec Holdings Bhd, a 51.65%-owned subsidiary of Pahang State Development Corp (PKNP), said its group managing director (MD) Datuk Mohd Khairuddin Abdul Manan has been granted temporary leave of absence with immediate effect.
This is to facilitate the completion of the ongoing forensic review by Messrs Deloitte Corporate Solutions Sdn Bhd, following news reports and Malaysian Anti-Corruption Commission's investigation that mining activity has been carried out on a land belonging to a subsidiary, Pasdec Corp Sdn Bhd, it said.
In the interim, Datuk Abdul Rahim Mohd Ali, a non-executive director who is also the chief executive officer of PKNP, has been assigned the responsibility of performing the functions of the MD, until otherwise resolved.
A wholly-owned subsidiary of Tiong Nam Logistics Holdings Bhd has succeeded in a civil suit claim for transportation charges against a unit of Lay Hong Bhd.
In a filing with Bursa Malaysia, Lay Hong said its wholly-owned unit, Lay Hong Food Corp Sdn Bhd (LHF), has been ordered by the High Court to pay RM3.71 million to Tiong Nam Logistic Solutions Sdn Bhd (TNLS).
LHF has to pay RM1.68 million claimed for services rendered, RM1.56 million being loss of business due to the failure to give six months written notice of nomination and RM470,500 being the loss of use of five trucks. LHF also has to pay costs of RM50,000.
DPS Resources Bhd's (DPS') wholly-owned unit Shantawood Sdn Bhd (SSB) has inked a joint venture agreement to complete a mixed development on a piece of freehold land in Tanjung Minyak, Melaka, that has a gross development value of RM166.3 million .
DPS said the proposed JV will raise the estimated GDV for DPS’s property development projects from RM23.34 million to RM189.61 million, which is expected to sustain the property development segment of the DPS group for the next six years.
It added that the property diversification would reduce its dependency on its manufacturing segment.
Homeritz Corporation Bhd’s second quarter net profit for financial year ended Feb 29, 2016 (2QFY16) jumped 23% to RM8.07 million, from RM6.56 million in the corresponding quarter a year ago, as a result of higher registered sales and the strengthening of the US dollar.
The group’s revenue for Q2FY16 improved by 12.3% to RM42.5 million, compared with RM37.8 million in Q2FY15. In a note to Bursa today, Homeritz said the stronger revenue was mainly attributed to stronger US dollar.
For the first half of financial year 2016 (1HFY16), the group’s net profit surged by 56.7% to RM16.97 million, from RM10.82 million in 1HFY15; while its revenue also saw a growth of 16.8% to RM83.2 million in 1HFY16, compared to RM71.2 million a year ago.
Muhibbah Engineering (M) Bhd is proposing to undertake a private placement of up to 10% of its issued share capital to third party investors to raise gross proceeds of up to RM111.93 million.
In a filing with Bursa Malaysia today, Muhibbah said the investors and the issue price will be announced later, after all relevant approvals for the proposed private placement have been received.
"As the proposed private placement may be implemented in one or more tranches with the board’s decision, there could potentially be several price fixing dates and issue prices," it added.
Atlan Holdings Bhd reported a 19.2% drop in net profit to RM11.8 million or 4.66 sen per share for the fourth quarter ended Feb 29 (4QFY16), from RM14.6 million or 5.77 sen per share a year ago.
The lower earnings were mainly due to lower contributions from the duty free, automotive and property segments, it said in a filing with Bursa Malaysia today.
Revenue fell 3.7% to RM195.57 million, from RM203.12 million in 4QFY15, it said.
For the financial year ended Feb 29 (FY16), net profit dropped 7.3% to RM43.08 million. from RM46.47 million in FY15. Revenue rose 5.1% to RM768.06 million. from RM730.66 million.
Gadang Holdings Bhd's net profit jumped 55% to RM25.11 million or 11.23 sen a share in the third quarter ended Feb 29, 2016 (3QFY16), from RM16.17 million or 7.47 sen a share, on improved profit margins from construction activities and higher contributions from its utility division.
In a filing with Bursa Malaysia, Gadang said revenue grew 3.67% to RM175.92 million, from RM169.69 million in 3QFY15.
For the first nine months ended Feb 29 (9MFY16), net profit soared 86% to RM63.69 million or 28.07 sen a share, from RM34.22 million or 15.81 sen a share in the previous corresponding period. Accumulative revenue increased 2.31% to RM427.28 million, from RM417.64 million.
Companies in the news - Westports, EcoWorld, Tasek, Spritzer, Pavilion REIT, Petaling Tin, Karambunai, GHL Systems, AirAsia, NSOP, Nakamichi, Sasbadi, Pasdec, Tiong Nam, Lay Hong, DPS, Homeritz, Muhibbah, Atlan and Gadang
http://www.theedgemarkets.com/my/article/westports-ecoworld-tasek-spritzer-pavilion-reit-petaling-tin-karambunai-ghl-systems-airasia
