KUALA LUMPUR (Aug 16): Based on corporate announcements and news flow today, stocks in focus on Thursday (Aug 17) may include the following: Country Heights, Dialog, Sunway, Pharmaniaga, Paramount, Taliworks, Press Metal and Seacera
Country Heights Holdings Bhd executive chairman and major shareholder Tan Sri Lee Kim Yew has paid RM22.7 million to settle the tax liabilities including penalties claimed by the Inland Revenue Board (IRB) against Country Heights Sdn Bhd (CHSB), a wholly-owned subsidiary of the property group.
Country Heights said the settlement was made by Lee as the major shareholder of the company and not his personal liability.
The company said that the IRB has also withdrawn its winding up petition against CHSB, which was accordingly struck out by the High Court.
In May, Lee disclosed that his fixed deposits of some RM126 million placed in a bank had been seized by the IRB.
Dialog Group Bhd’s net profit increased 33% to RM103.55 million for its fourth quarter ended June 30, 2017, from RM77.93 million a year earlier, mainly due to higher contributions from the group’s joint ventures.
Revenue increased 35% to RM968.95 million from RM717.09 million.
For the full FY17, Dialog’s net profit grew 26% to RM370.64 million from RM294.93 million in FY16. Full year revenue increased 34% to RM3.39 billion from RM2.53 billion.
Sunway Bhd is jointly acquiring a piece of 4.34-acre freehold land in Wangsa Maju for RM51.07 million to undertake a mixed development project.
The acquisition was made from Setapak Heights Development Sdn Bhd by Sunglobal Resources Sdn Bhd, in which Sunway owns a 55% stake with the other 45% held by Huatland Development Sdn Bhd.
Sunway said the development — comprising two blocks of serviced apartments with some lifestyle units on the podium — is expected to be completed over a five-year period, and will have a gross development value of RM500 million.
Pharmaniaga Bhd’s net profit for the second quarter ended June 30, 2017 fell 36.5% to RM9.5 million or 3.67 sen per share, from RM15 million or 5.79 sen per share in the previous corresponding quarter.
The group attributed the earnings contraction to lower production by its manufacturing facilities during the quarter under review, arising from temporary closure of certain production lines for preparatory works to facilitate the commercialization of new products that were approved ahead of schedule.
Quarterly revenue slipped 2.6% to RM518 million from RM531.8 million previously, mainly attributable to moderate orders from government hospitals.
The group declared a second interim dividend of four sen per share, payable on Sept 15.
Paramount Corporation Bhd’s net profit declined 39% to RM14.67 million for the second quarter ended June 30, 2017, from RM23.91 million a year earlier, mainly on lower profit contribution to its property segment.
Revenue increased 27% to RM184.56 million from RM145.31 million, on higher contributions from both property and education divisions.
The group’s cumulative six month net profit fell 32% to RM22.97 million from RM33.6 million in the previous corresponding six months. Cumulative revenue rose 27% to RM327.5 million from RM258.64 million.
Taliworks Corporation Bhd’s net profit saw a steep drop of 92% to RM6 million for its second quarter ended June 30, 2017, from RM76.19 million in the previous year, caused by higher operating costs in water treatment plants, higher amortisation expenses and forex losses.
Earnings per share dropped to 0.5 sen from 6.3 sen.
Revenue increased 19% to RM91.28 million from RM76.83 million due to higher contribution from the construction business.
For the first half of FY17, the group made a cumulative net profit of RM12.68 million, an 83% drop from RM75.96 million in the previous corresponding period.
Press Metal Aluminium Holdings Bhd reported a 2.8% increase in second quarter net profit to RM150.17 million, from RM146.07 million a year earlier, on the back of higher revenue.
Revenue for the quarter ended June 30, 2017 surged 31.1% to RM2.08 billion from RM1.59 billion previously.
The increase in revenue was mainly due to additional production output generated by its Samalaju Phase 2 smelting plant and higher metal price.
Press Metal, the largest integrated aluminium producer in Southeast Asia, declared an interim dividend of 1.5 sen per share to be paid on Sept 20. The ex-date is Aug 30.
Seacera Group Bhd’s 80%-owned subsidiary Spaz Sdn Bhd has won a RM250 million contract to build PR1MA (1Malaysia People’s Housing) homes in Rembau, Negeri Sembilan.
The contract, awarded by Wearegold Sdn Bhd, encompasses the construction of 1,572 single and double storey terrace homes, as well as basic amenities.
The completion period is 30 months.
The contract is expected to contribute positively towards its earnings and net assets for the financial year ending Dec 31, 2018.
http://www.theedgemarkets.com/article/country-heights-dialog-sunway-pharmaniaga-paramount-taliworks-press-metal-and-seacera
