KUALA LUMPUR (Nov 22): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Wednesday — Nov 23) could include the following: FGV, AirAsia X, Huat Lai, Prestariang, IOI Prop, Johore Tin, Focus Point, Dialog, Salcon and Yen Global.
Felda Global Ventures Holdings Bhd (FGV) saw its net loss widen to RM94.87 million or 2.6 sen per share in the third quarter ended Sept 30, 2016 (3QFY16) compared with RM33.92 million or 0.9 sen per share a year ago.
The weaker financial results were largely due to lower crude palm oil (CPO) production, higher raw sugar costs as well as lower earnings from downstream segment. It was also dragged down by the significant losses suffered by one of the jointly-controlled entities due to stock losses discovered in 3QFY16.
In a filing with Bursa Malaysia today, FGV said its revenue declined by 7% year-on-year (y-o-y) to RM4.19 billion from RM4.51 billion.
For the nine-month period (9MFY16), FGV posted a net loss of RM98.19 million or 2.7 sen per share against the net profit of RM15.74 million or 0.4 sen per share a year before, as revenue slid 6% to RM12.09 billion from RM11.41 billion.
AirAsia X Bhd (AAX) registered its fourth consecutive profit in the third quarter ended Sept 30, 2016 (3QFY16), with a net profit of RM11.03 million compared with a net loss of RM288.19 million in 3QFY15.
The long-haul low-cost affiliate of AirAsia Bhd saw its revenue rise 23.9% y-o-y to RM982.4 million from RM793.01 million, mainly due to a 54% increase in scheduled flight revenue, a 50% growth in ancillary income and a 34% rise in aircraft operating lease income.
For the cumulative nine months (9MFY16), AAX pulled in a net profit of RM191.53 million from a net loss of RM547.05 million a year ago, as revenue jumped 27.7% to RM2.84 billion from RM2.22 billion.
Huat Lai Resources Bhd posted a 244% surge in net profit to RM45.2 million or 57.89 sen per share in its third quarter ended Sept 30, 2016 (3QFY16) from RM13.1 million or 16.81 sen per share a year ago, due to higher revenue and stricter cost controls.
The Melaka-based poultry farming company’s revenue went up 6.4% y-o-y to RM440.9 million from RM414.4 million, while operating expenses shrank RM11.95 million to RM378.88 million during the quarter.
For the cumulative nine months (9MFY16), net profit grew 22.2% y-o-y to RM75.9 million or 97.27 sen per share from RM62.1 million or 79.67 sen per share, while revenue rose 8.2% to RM1.2 billion from RM1.1 billion.
Brahmal Vasudevan, the founder and chief executive officer of private equity firm Creador Sdn Bhd, has emerged as a substantial shareholder of ICT training and certification provider Prestariang Bhd.
According to a filing to Bursa Malaysia today, Brahmal acquired 24.5 million shares or a 5.076% direct stake in Prestariang yesterday.
IOI Properties Group Bhd's net profit grew 64.2% to RM189.57 million or 4.3 sen per share in the first financial quarter ended Sept 30, 2016 (1QFY17) from RM115.48 million or 3.07 sen per share a year ago.
Revenue rose 51.1% y-o-y to RM899.52 million from RM595.26 million.
The stronger earnings performance was mainly attributed to better revenue and operating profits from IOI Properties’ property development and property investment segments, as well as higher revenue recorded by its leisure and hospitality segment.
Johore Tin Bhd's net profit more than tripled to RM10.79 million or 7.85 sen per share in the third quarter ended Sept 30, 2016 (3QFY16) from RM3.29 million or 3.52 sen a year ago due to higher sales, lower material costs and foreign exchange gain on financial settlement.
Quarterly revenue rose 18.33% to RM115.87 million from RM97.92 million.
For the nine-month period (9MFY16), Johore Tin's net profit rose 76.7% to RM24.65 million or 22.82 sen per share from RM13.95 million or 14.95 sen per share, while revenue grew 6.77% to RM322.8 million from RM302.32 million.
Focus Point Holdings Bhd’s net loss widened by over four times to RM1.01 million or 0.61 sen a share for the third quarter ended Sept 30, 2016 (3QFY16), from RM244,000 or 0.15 sen a year earlier, due to lower contribution from its optical and related products segment.
Revenue, however, grew 3.19% to RM39.05 million from RM37.85 million.
For the nine-month period (9MFY16), Focus Point reported a net loss of RM2.25 million or 1.36 sen a share, compared with a net profit of RM539,000 or 0.33 sen in 9MFY15, though revenue climbed 5.93% to RM121.3 million from RM114.49 million.
Water and wastewater engineering firm Salcon Bhd slipped into the red with a net loss of RM755,000 or 0.11 sen per share in third quarter ended Sept 30, 2016 (3QFY16) compared with a net profit of RM3.51 million or 0.52 sen per share a year ago.
Its quarterly performance was dragged by its other income, which shrank 92% to RM1.74 million from RM21.58 million a year ago, while finance income also came in lower at RM278,000 compared with RM1.18 million previously.
Salcon said its 3QFY16 revenue rose a marginal 1.8% year-on-year (y-o-y) to RM22.95 million from RM22.54 million.
For the cumulative nine months (9MFY16), Salcon's net profit declined 12.8% y-o-y to RM10.48 million or 1.55 sen per share from RM12 million or 1.78 sen per share as revenue fell 8% to RM60.51 million from RM65.84 million.
Dialog Group Bhd's net profit climbed 35% year-on-year to RM81.33 million in its first quarter ended Sept 30, 2016 (1QFY17) from RM60.07 million, on higher contribution from its joint ventures, particularly the Pengerang Independent Terminals which has fully leased out its storage capacity.
The group's share of JV results for 1QFY17 more than doubled to RM25.1 million from RM12.1 million last year.
Revenue gained 22% y-o-y to RM653.55 million from RM536.37 million.
Loss-making Yen Global Bhd, in which Green Packet Bhd bought a 22% stake this year, is proposing a rights issue of up to 275 million shares with an indicative issue price of 20 sen per share, which could raise up to RM55 million.
In addition, Yen Global proposes a capital reduction cancelling its existing par value from 50 sen to 10 sen to offset its accumulated losses. Subsequently, the company’s issued and paid-up share capital will shrink to RM13.75 million from RM68.75 million, according to its filing with Bursa Malaysia yesterday evening.
“The proposed corporate exercise will enable us to raise additional funds to support the expansion of our core business and the diversification of the business into the ICT (information and communications technology) industry,” said Goh Kok Beng, chairman of Yen Global.
Yen Global is sweetening the cash call with free 206.25 million warrants on the basis of three warrants for every four shares subscribed to.
