KUALA LUMPUR (Feb 6): Based on corporate announcements and news flow today, companies that will be in focus tomorrow (Feb 7) may include the following: LPI Capital, TM, Enra, Mega Sun City, AWC, Hong Leong Industries, Gabungan AQRS and Uzma
LPI Capital Bhd saw its net profit fall 20.3% to RM81.45 million or 24.53 sen a share in the fourth quarter ended Dec 31, 2016 (4QFY16) from RM102.21 million or 30.79 sen a share a year ago, mainly due to the absence of a one-off significant gain of RM36.9 million on disposal of investment in 4QFY15 from the investment holding segment.
Revenue, however, rose 5% to RM355.55 million from RM338.62 million in 4QFY15.
However, for the full year, LPI's net profit grew 36.2% to RM437.22 million or 131.7 sen a share from RM321 million or 96.69 sen a share in the previous year, on higher gain from realisation of equity investment, and better underwriting performance from its wholly-owned insurance subsidiary Lonpac Insurance Bhd.
Revenue also increased 7.3% to RM1.38 billion from RM1.28 billion in FY15, largely contributed by the general insurance segment which rose 7.4%.
LPI Capital declared a second interim dividend of 55 sen per share for FY16, payable on March 2.
Telekom Malaysia Bhd's (TM) has named Datuk Rafaai Samsi as its new chief technology and innovation officer, replacing Giorgio Migliarina who will resign from his position on Feb 18.
Rafaai is currently Migliarina’s deputy and is also the chief customer experience officer at TM.
TM said Migliarina joined TM in May 2009, overseeing the transformation of TM's IT and network technology division and infrastructure through a series of catalysts, from the high speed broadband project to the "towards operational perfection" improvement programmes.
Enra Group Bhd says its new joint venture with Australia's Icon Engineering Pty Ltd will focus on offering cost-cutting oilfield services.
It said the JV company, Enra Icon Sdn Bhd, will target undeveloped Asian oil and gas fields using Icon Engineering's range of minimal facility, well head platforms and self-installing production facilities.
Enra president and group chief executive office Datuk Mazlin Junid said the very challenging low oil price environment presents opportunities for major oil players in Malaysia to re-think and re-calibrate their minds to look for unconventional solutions for conventional problems.
Enra Icon will focus on innovative solutions that will significantly reduce the total costs of most shallow water field developments.
Icon Engineering managing director David Field said the JV will offer a range of proven facilities designs that can significantly reduce the upfront capex and risk for Malaysian and Southeast Asian field developments.
Datuk Alex Ooi Kee Liang has resigned as the managing director of Mega Sun City Holdings Bhd.
Mega Sun City said Ooi, 46, resigned due to other personal commitments.
Ooi is no stranger to the Penang property scene. He is the executive chairman of Ideal Property Group, which is famed for its affordable and medium-range developments on the island.
Mega Sun City also announced that its executive director Datuk Liang Chee Fong, 44, has been re-designated as managing director following Ooi's resignation.
AWC Bhd via its unit — M&C Engineering and Trading Sdn Bhd — has bagged two jobs for fire protection services from Sunway Construction Sdn Bhd for a total of RM14.65 million .
AWC said its wholly-owned subsidiary will be the subcontractor for the proposed design, construction and completion of government office buildings consisting of office tower, podium parking and external works.
The project is spread out over approximately 32 acres and is located in Precinct 1 in Putrajaya, the company said.
Out of the 10 blocks that will be constructed, M&C has been awarded the contract for five blocks.
The project will commence immediately and is targeted to be completed on July 18, 2018, the company said.
Hong Leong Industries Bhd registered a 7.52% decrease in net profit to RM68.67 million or 22.27 sen per share in its second quarter ended Dec 31, 2016 (2QFY17) from RM74.25 million or 24.08 sen per share in the previous year's corresponding quarter mainly due to higher operating expenses and foreign exchange losses in the consumer products segment.
However, revenue for the quarter rose 3.44% to RM561.53 million compared with RM542.88 million a year ago as there was higher profit contribution from an associated company.
For the first half ended Dec 31, 2016 (1HFY17), it posted a 12% increase in net profit of RM133.43 million or 43.26 sen per share versus RM119.08 million or 38.61 sen per share. Revenue stood at RM1.13 billion, up 6.1% compared with RM1.06 billion in 1HFY16.
Gabungan AQRS Bhd's wholly-owned subsidiary Nusvista Development Sdn Bhd is selling its leasehold land in Mukim Sungai Buloh, Petaling Jaya for RM55.69 million cash as part of its ongoing monetisation programme to raise funds.
Nusvista today signed a sales and purchase agreement with Gadang Construction Sdn Bhd, wholly-owned subsidiary of Gadang Holdings Bhd.
Gabungan AQRS said the proceeds from the sale of the land may be used to repay bank borrowings and also working capital.
In November 2009, Gabungan AQRS acquired the 99-year leasehold land for RM38.29 million.
As at Dec 31, 2016, with a net book value of RM38.58 million, Gabungan AQRS expects the sales of the land to yield a gain RM11.66 million.
Gabungan AQRS noted on its plan to dispose of 19.13 acres of leasehold land in Sepang to government-owned PR1MA Corp, which it expects to complete by the end of the first quarter ending March 31, 2017.
Gabungan AQRS also said it is still looking for a purchaser for 5.16 acres of land in Puchong, Selangor.
Oil and gas service firm Uzma Bhd announced that its wholly-owned unit Uzma Engineering Sdn Bhd has received a three-year contract from Petronas Carigali Sdn Bhd to provide electric wirelines logging services.
An umbrella contract is normally awarded to a company that acts as an employer to agency contractors who work under a fixed term contract assignment.
Uzma said the contract to undertake cased hole logging services covers the whole country. It commenced on Dec 1, 2016 and will run till Dec 30, 2019, and comes with two extension options of one year each.
http://www.theedgemarkets.com/my/article/lpi-capital-tm-enra-mega-sun-city-awc-hong-leong-industries-gabungan-aqrs-gadang-holdings
