IOI Corp Bhd said today that its proposed acquisition of a 50% stake in LCK Nutrition Ltd for US$25 million (RM93.5 million) has been called off.
In a filing with Bursa Malaysia today, IOI Corp said it, LC Group BV, LCK Nutrition and Denny Foods Ltd have mutually agreed to terminate the agreement entered into in June last year, with immediate effect. No reason was given.
IOI Corp said the termination is not expected to have any material effect on the group's earnings or net assets for the financial year ending June 30, 2016.
Aeon Co (M) Bhd's net profit for the first quarter ended March 31, 2016 (1QFY16) fell 41.9% to RM28.7 million from RM49.4 million a year ago, due to lower margin, higher operating costs, interest expenses and initial costs associated with newly opened stores.
In a filing with Bursa Malaysia today, the group said revenue slipped 2.84% to RM1.08 billion from RM1.11 billion due to weaker consumer sentiments.
The group has allocated RM650 million in capital expenditure (capex) this year to open two outlets in Johor Bahru and Kuching and to refurbish its older retail outlets.
This year, the group plans to refocus its strategies to attract more customers and purchases with attractively priced goods and promotions, said Aeon Co managing director Nur Qamarina.
Its chairman Datuk Abdullah Mohd Yusof, meanwhile, admitted the group will have a challenging year ahead, with more competition vying for their market share.
Hock Seng Lee Bhd (HSL)'s net profit for the first quarter ended March 31 (1QFY16) dropped 17.2% to RM16.25 million from RM19.63 million a year ago, due to lower profit margins from its construction segment.
Revenue fell 23.7% to RM142.26 million from RM186.46 million, on lower progress claim of construction works due to the completion of certain major projects, while new projects were still in start-up phase or were secured toward the end of 1QFY16.
HSL said 1QFY16 has seen the value of projects in hand for the group reach a record RM2.7 billion, with new contracts secured in the period, worth RM1.89 billion.
HSL managing director Datuk Paul Yu said the group has strong earnings visibility going forward, with the two mega projects stretching for four to six years.
As at the end of 1QFY16, HSL's fundamentals remained strong with some RM132 million in cash reserves available to fund the commencement of major new projects.
Looking ahead, Yu said while contracts in hand would last several years, HSL would continue bidding efforts as the group has the capacity to take on further works.
Oil and gas service provider Tanjung Offshore Bhd has filed a civil suit against its former directors Datuk Harzani Azmi and Tan Wee Koh as well as Al-Maurid Resources Sdn Bhd for their involvement in the Gas Generators (Malaysia) Sdn Bhd (Gastec) share sale three years ago.
In its suit, Tanjung Offshore is claiming, among others, damages of RM20 million and costs plus interest, while trying to recover funds owing to the company.
Malaysian Resources Corp Bhd (MRCB) has received written confirmation from Mass Rapid Transit Corp Sdn Bhd (MRT Corp) over the award of a RM648 million contract for the MRT 2 line.
MRCB said the letter of acceptance (LoA) received for Package V210 involves the construction and completion of a viaduct guideway and other associated works from Persiaran Apec to Putrajaya Sentral.
The contract is expected to contribute positively to the future earnings of the group, it said in a filing to Bursa Malaysia today.
Separately, MRCB said its wholly-owned subsidiary MRCB Land Sdn Bhd has entered into supplemental agreements with Cyberview Sdn Bhd and CSB Development Sdn Bhd, to vary certain terms of the share subscription agreement and joint venture agreement entered into between the parties on Oct 28 last year.
MRCB said it will be revising its purchase of the 70% stake in CSB for RM228.9 million, while Cyberview's 30% portion will be revised to RM98.1 million.
Ta Ann Holdings Bhd's net profit for the first quarter ended March 31, 2016 (1QFY16) more than halved to RM12.55 million from RM27.08 million a year ago, as its plywood sales volume, export logs and export logs average selling price fell by 13%, 33% and 6% year-on-year respectively.
Revenue also slipped 1.6% to RM218.53 million in 1QFY16 from RM222.15 million in 1QFY15.
Nevertheless, the group declared a first interim dividend of 5 sen per share for the financial year ending Dec 31, 2016, payable on June 23 as well a one-for-five bonus issue of up to 74.15 million new shares.
"Barring unforeseen circumstances, the board of directors expects a better second quarter performance than the first quarter," the group said.
KPJ Healthcare Bhd's net profit rose by 0.8% for the first quarter ended March 31, 2016 (1QFY16) to RM34.17 million compared with RM33.89 million a year ago, largely due to better performance contributed by its healthcare operations in Malaysia and Indonesia although it was offset by higher losses in Australia.
Revenue grew 4.8% to RM743.95 million in 1QFY16 from RM709.89 million in 1QFY15.
In light of the challenging economic environment and entry of new players into the industry, KPJ Healthcare said it expects to deliver a moderate performance growth.
IJM Corp Bhd's wholly-owned subsidiary IJM Construction Sdn Bhd has accepted the LoA from MRT Corp for a RM1.47 billion contract to undertake a package of the MRT2 project.
In a filing with Bursa Malaysia today, IJM Corp said the written confirmation from MRT Corp for Package V203, which involves the construction and completion of a viaduct guideway and other associated works from Jinjang to Jalan Ipoh North Portal, was received today.
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