KUALA LUMPUR (March 16): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (March 17) may include the following: Top Glove, BToto, Poh Kong, EcoWorld, TNB, Mudajaya Group, Willowglen, Bumi Armada, AirAsia, Magni-Tech, TSR Capital, SYF Resources, Dialog, Tecnic and MNRB.
Top Glove Corp Bhd's net profit in the second financial quarter ended Feb 28, 2017 (2QFY17) dropped 20.6% to RM83.05 million from RM104.61 million a year earlier due to higher operating costs.
Revenue in 2QFY17, however, rose 22.7% to RM851.54 million from RM693.86 million, mainly due to a 9% increase in sales volume and 8% growth in average selling price (ASP), as well as the strengthening of the US dollar.
For the first six months of FY17 (1HFY17), Top Glove posted net profit of RM156.37 million, a decline of 32.9% from 1HFY16's net profit of RM232.96 million on a more competitive business environment and higher raw material prices during the period.
Meanwhile, revenue in 1HFY17 was 9.6% higher at RM1.64 billion versus RM1.49 billion in 1HFY16, mainly attributed to increased sales volume.
Berjaya Sports Toto Bhd's (BToto) net profit fell 18% to RM47.94 million in the third quarter ended Jan 31, 2017 (3QFY17) from RM58.35 million in the previous year, mainly due to a goods and services tax adjustment and higher operating expenses.
Revenue, however, grew 3.3% to RM1.37 billion versus RM1.32 billion a year ago. The company attributed revenue growth to higher seasonal sales during the Chinese New Year festive period.
It also benefited from strong sales from high jackpot in the 4D jackpot game as well as higher number of draws, BToto said.
For its cumulative nine months (9MFY17), the group's net profit decreased 16% to RM168.83 million compared with RM201.47 million in the previous year. Revenue expanded 4.3% to RM4.26 billion from RM4.08 billion a year ago.
Jewellery retailer Poh Kong Holdings Bhd's net profit for the second financial quarter ended Jan 31, 2017 (2QFY17) jumped 243.1% to RM6.07 million from RM1.77 million a year earlier, thanks to higher revenue and higher other operating income.
Its revenue rose 11.1% to RM226.32 million from RM203.37 million in 2QFY16, driven by an increase in demand for gold jewellery and gold investment products, higher retail gold prices and additional revenue from new outlets.
For the cumulative first six months of FY17 (1HFY17), Poh Kong posted a net profit of RM7.84 million, up 272.4% from RM2.11 million in 1HFY16. Revenue stood at RM411.79 million, up 9.6% from RM375.67 million a year earlier.
Eco World Development Group Bhd (EcoWorld) bagged RM116.17 million in net profit for its financial quarter ended 31 Jan, 2017 (1QFY17), against RM20.67 million last year, lifted by RM94.8 million gained from its change of interest in Paragon Pinnacle Sdn Bhd last December.
“Excluding the gain on dilution of equity interest in Paragon Pinnacle, profit after tax (PAT) for the current financial period was RM21.4 million, which is 3.38% higher than the RM20.7 million reported in 1QFY16,” the group said in a filing.
For 1QFY17, the property developer registered 27.87% increase in revenue to RM592.71 million, from RM463.51 million in the same period last year.
Tenaga Nasional Bhd (TNB) signed a large-scale solar (LSS) power purchase agreement (PPA) with a Mudajaya Group Bhd subsidiary today.
TNB said it signed with Sinar Kamiri Sdn Bhd, a wholly-owned subsidiary of Mudajaya RE Sdn Bhd, which is an indirect wholly-owned unit of Mudajaya Group, via its wholly-owned unit Mudajaya Energy Sdn Bhd.
In 2016, a competitive bidding exercise was organised by the Malaysian Energy Commission to develop transmission-connected LSS projects and seven successful bidders bagged the award.
In the agreement, Sinar Kamiri would design, construct, own, operate and maintain a 49 megawatt AC solar photovaltaic energy generating facility in Sungai Siput, Perak
The PPA’s commercial operation date is Aug 31, 2018.
The agreement governs the obligations of the parties to sell and purchase the energy generated by the facility for 21 years from the commercial operation date.
Technology solutions provider Willowglen MSC Bhd has bagged a secondary remote terminal project worth RM7.82 million from Tenaga Nasional Bhd (TNB) for the supply, installation, testing and commissioning of a secondary remote terminal unit for a motorised ring main unit substation.
Commencing from March 15, the contract will be completed on March 14, 2019 and is non-renewable, it added.
Willowglen said the contract is expected to contribute positively to the group's earnings and net assets per share for the financial years ending Dec 31, 2017 to 2018.
Bumi Armada Bhd has established a second joint venture (JV) company with Shapoorji Pallonji and Co Pte Ltd to support its earlier JV company in owning and undertaking the engineering, procurement and construction of a floating production, storage and offloading (FPSO) vessel.
The agreement to establish Armada 98/2 Pte Ltd as a JV company was signed between the group's wholly-owned subsidiary Bumi Armada Offshore Holdings Ltd (BAOHL) and SP Engineering Services Pte Ltd, an indirect subsidiary of Shapoorji Pallonji, said Bumi Armada.
Armada 98/2 has also entered into a bareboat charter with the initial JV company, Shapoorji Pallonji Bumi Armada Godavari Pte Ltd (SPBAG), in the event the latter is successfully awarded an FPSO project, Bumi Armada said.
Budget airline AirAsia Bhd is making a second attempt to acquire a 20-year-old aircraft from Caterhamjet Global Ltd (CJG) for US$10 million cash, with a plan to operate charter and private unscheduled business jet operations.
AirAsia said it has entered into a sales and purchase agreement (SPA) with CJG for the acquisition of Bombardier BD-700-1A10 Global Express.
This is deemed a related party transaction as AirAsia executive chairman Datuk Kamarudin Meranun and group chief executive officer Tan Sri Tony Fernandes are the sole shareholders of CJG, via their private vehicle Tune Group Sdn Bhd.
The purchase price for the transaction is to be satisfied by cash from the AirAsia’s internal funds and the transaction is expected to be completed by June 30.
Magni-Tech Industries Bhd’s net profit for the third quarter ended Jan 31, 2017 (3QFY17) rose 13.4% to RM29.6 million from RM26.1 million a year earlier, driven mainly by higher revenue, higher foreign exchange gain and on-going productivity improvement.
Revenue increased 7.5% to RM289.1 million from RM268.9 million in 3QFY16 on higher sale orders received.
On a segmental basis, Magni-Tech said the garment PBT [profit before tax] improved by 26.7% mainly driven by higher revenue, higher foreign exchange gain (other operating income) and positive reflection of on-going productivity development.
Magni-Tech declared a third single interim dividend of three sen per share and a single tier special dividend of three sen per share.
TSR Capital Bhd has signed a Memorandum of Understanding (MoU) with Terusan Al-Maju Sdn Bhd to develop 76 acres of land in Langkawi, Kedah into a high-end mixed development.
The project will include the development of residential, commercial, resort and hotel, and corporate buildings to cater to the tourism and service industry, TSR said.
“The parties shall, if necessary, form and establish a joint venture company to undertake the mixed development,” TSR said.
The MoU is valid for one year and is subject to any extension mutually agreed upon by the parties, it said.
SYF Resources Bhd saw its net profit for the second quarter ended Jan 31, 2017 (2QFY17) increasing marginally by 0.38% to RM10.47 million, from RM10.43 million a year earlier on additional developments costs incurred for on-going projects, namely Kiara Plaza and Lavender Residence.
Revenue rose 17.21% to RM125.87 million, from RM107.39 million for 2QFY16, on increased contribution from the property development segment and sales of boards.
For the first six months of FY17 (1HFY17), SYF posted a net profit of RM22.17 million, an increase of 4.29% from RM21.26 million in 1HFY16. Revenue climbed 35.72% to RM274.58 million, from RM202.32 million in 1HFY16.
Dialog Group Bhd’s 88%-indirectly owned unit, Fitzeroy Engineering Group Ltd, has acquired the remaining 50% equity interest in steel-related works provider Fineline Services Ltd for RM2.06 million.
Dialog said the acquisition of Fineline, which currently supports and complements Dialog’s business activities in New Zealand, would enable the latter to restructure and integrate the operation of Fitzeroy and Fineline to optimise the business growth there.
Dialog said Fitzeroy bought the remaining stake from vendors Kenneth Ronald Martin, Deborah Mooney and 16 Beach Road Trustees Ltd.
“Prior to the acquisition, Fitzeroy and Martin have provided guarantee and indemnity of all the obligations of Fineline under the credit facilities provided by a financial institution up to NZ$400,000 plus interest and other related costs,” it said. However, Fitzeroy now assumes the liabilities in full, Dialog said, adding that there are no other liabilities.
Tecnic Group Bhd has received the green light from the stock exchange regulator to lift its Practice Note 16 (PN16) status, which it has been taken over by Rohas-Euco Holdings Sdn Bhd and will trade under the name Rohas Tecnic Bhd starting tomorrow.
Rohas-Euco is a privately-owned entity controlled by Tan Sri Wan Azmi Wan Hamzah, his wife Puan Sri Nik Anida Nik Manshor, George Sia Bun Chun and his wife Chan Liew Hoon.
“After due consideration of all facts and circumstances of the matter, Bursa Malaysia Securities Berhad has decided to approve the company's application for an upliftment as a PN16 company,” Tecnic said, adding that it has completed its regularisation plan.
Reinsurer MNRB Holdings Bhd has executed a RM320 million credit facility to refinance its existing borrowings.
The unsecured facility, provided by AmBank (M) Bhd, carries a floating interest rate that is reviewed quarterly, and has a tenure of 18 months, with an option to extend for another six months.
"It will not increase the company's gearing as it will be wholly utilised to refinance the existing borrowings," MNRB said in a filing today.
http://www.theedgemarkets.com/my/article/top-glove-btoto-poh-kong-ecoworld-tnb-mudajaya-willowglen-bumi-armada-airasia-magni-tech-tsr
