KUALA LUMPUR (Feb 29): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Tuesday, March 1) could include the following: PUC Founder, Sona Petroleum, Hock Seng Lee, KPJ, TNB, FGV, Boustead, Hibiscus, Lafarge, Eversendai, BHIC, and Muhibbah.
PUC Founder (MSC) Bhd has appointed Lee Koh Yung as acting group chief executive officer today, taking over from the late Jack Cheong Chia Chieh, who passed away over the weekend.
In a bourse filing, PUC Founder said Lee, 45, has been an executive director of Resource Holding Management Ltd since September 2010. Resource Holding holds a 41.34% indirect interest in PUC Founder.
Lee, it added, holds a Capital Market Services Licence issued by the Securities Commission, and has more than 21 years of experience in the financial services industry, which includes investment, capital markets, wealth management, private equity and corporate advisory.
United Plantations Bhd declared dividends of 70 sen a share, comprising final and special payouts of 20 sen and 50 sen respectively. The dividends are for financial year ended Dec 31, 2015 (FY15).
In separate filings to Bursa Malaysia today, United Plantations declared a final dividend of 20% per share, based on the stock's par value of RM1 each. United Plantations also declared a special dividend of 50% per share.
The ex-date for the final and special dividends is on April 27 this year.
Sona Petroleum Bhd is buying Australia's Stag oilfield for US$25 million (RM103.2 million), following successful talks with the sellers to reduce the price.
In a filing with Bursa Malaysia today, Sona said it signed a deed of variation with the sellers today to reduce the base purchase price of Stag from US$50 million to US$25 million.
Valuation firm Gaffney, Cline and Associates (Consultants) Pte Ltd (GCA) deems the US$25 million price for Stag as fair.
Sona said: "In line with the reduction in base purchase price, GCA has issued an updated fairness opinion dated Feb 29, 2016, which considers the base purchase price of US$25 million (or equivalent to RM103.2 million) to be fair."
A consortium comprising Malaysia's Hock Seng Lee Bhd (HSL) and India-based Larsen & Toubro Ltd clinched a RM280.9 electricity substation construction contract from Sarawak Energy Bhd.
In a filing with Bursa Malaysia today, HSL said the substation would be built in Samalaju, Sarawak.
"The scope of works for HSL includes earth works, piling, civil infrastructure works, building and its related mechanical and electrical works and is worth ringgit Malaysia fifty-eight million two hundred and eleven thousand one hundred and forty-one only (RM58,211,141.00).
"The contract period for the completion and commissioning of the project is twenty-one (21) months, commencing March 7, 2016. The contract is expected to contribute positively to the earnings and net assets of HSL group, as the project progresses during the contract period," HSL said.
KPJ Healthcare Bhd's net profit fell 51% to RM24.58 million in the fourth quarter ended Dec 31, 2015 (4QFY15), from RM49.94 million a year earlier, on lower revenue and higher finance cost.
According to hospital operator KPJ's filing to Bursa Malaysia today, revenue was down at RM694.2 million, from RM716.49 million 4QFY14. KPJ's income statement showed net finance cost rose substantially to RM12.14 million, from RM648,000.
"The profit before tax for the three months ended Dec 31, 2015 was recorded at RM44.3 million, a decrease of 37% from RM70.1 million in 2014.
"The decrease of RM25.8 million was due to additional provision for employee share option scheme (ESOS) and restricted issue to hospital consultants based on an independent valuation at financial year end, in accordance with requirement of MFRS 2 (Malaysian Financial Reporting Standards 2) in the current quarter," KPJ said.
Tenaga Nasional Bhd (TNB) has inked a new power purchase agreement (PPA) with Powertek Energy Sdn Bhd to extend the deadline of the PPA by three years and 10 months.
In a filing with Bursa Malaysia today, TNB said its new PPA was pursuant to a conditional letter of award dated Aug 5, 2015 issued by Suruhanjaya Tenaga to Powertek.
Powertek is a wholly-owned subsidiary of 1Malaysia Development Bhd.
According to TNB, the new PPA was to govern the rights and obligations of both parties throughout the term of the extension and on the sale and purchase of all the capacity and the electrical energy generated by Powertek from its 434MW open-cycle power plant located at Telok Gong, Melaka.
"Three of the units in the Powertek Facility is scheduled to commence operations from March 1 this year until Dec 31, 2019; while another unit is scheduled to commence operation from March 15, 2016 until Dec 31, 2019," according to the power giant.
Felda Global Ventures Holdings Bhd's (FGV) net profit surged two-and-a-half times to RM101.38 million or 2.8 sen per share for the fourth quarter ended Dec 31, 2015 (4QFY15), against RM39.33 million or 1.1 sen per share a year ago, on foreign exchange (forex) realisation on the disposal of a subsidiary, totaling RM37.95 million.
On Nov 3, 2015, FGV had disposed of Twin Rivers Technologies Enterprises De Transformation De Graines Oleagineuses Du Quebec Inc for C$172.15 million (RM567.1 million), which had resulted in a gain of RM13.02 million.
Revenue came in 8.8% higher at RM4.26 billion, compared to RM3.91 billion in 4QFY14.
FGV also declared a final dividend of 2 sen per share, totaling RM72.96 million for the financial year ended Dec 31, 2015 (FY15), subject to approval of shareholders at the forthcoming annual general meeting.
Boustead Holdings Bhd's net profit for the fourth quarter ended Dec 31, 2015 (4QFY15) plunged 95.4% to RM4.2 million or 0.41 sen per share as its heavy industries division swung into pre-tax loss of RM136.8 million, compared with RM299 million or 28.91 sen per share in the previous corresponding quarter.
Quarterly revenue dropped 13.8% at RM2.44 billion, from RM2.83 billion a year earlier.
Despite the lower earnings, the diversified group declared a fourth interim dividend of 4 sen, payable on April 12.
For the full financial year ended Dec 31, 2015 (FY15), its cumulative net profit was down 96.8% at RM13.2 million or 1.28 sen per share, from RM408.2 million or 39.47 sen per share in FY14.
Hibiscus Petroleum Bhd saw its second quarter ended Dec 31, 2015 (2QFY16) net loss balloon to RM164.17 million, from RM10.66 million a year ago, mainly because of partial impairment on its Australia asset and dilution of interest in Lime Petroleum Norway AS.
Loss per share was 16.32 sen in 2QFY16, against 1.2 sen in 2QFY15.
In its filing with Bursa Malaysia today, Hibiscus said the group impaired the carrying value of VIC/P57 Exploration Permit by RM84.5 million, as there was no commercial discovery in the Sea Lion-1 well, after the commencement of drilling operation last year.
Lafarge Malaysia Bhd posted a 13.2% drop in net profit for its fourth quarter ended Dec 31, 2015 (4QFY15) to RM43.34 million or 5.1 sen per share, due to one-off acquisition expenses incurred as well as higher finance costs arising from the borrowings for the acquisition of subsidiaries.
Its net profit in 4QFY14 was RM49.94 million or 5.9 sen per share.
Quarterly revenue grew 4.9% to RM718.31 million from RM684.61 million, attributable to higher sales from the cement segment.
It declared a fourth interim dividend of 7 sen, payable on April 20.
Eversendai Corp Bhd saw its net profit drop 51.7% on-year to RM7.823 million or 1.01 sen per share in the fourth quarter ended Dec 31, 2015 (4QFY15) from RM16.2 million or 2.09 sen per share a year ago, largely on higher cost of sales, finance costs, and operating and administrative expense.
In a bourse filing, Eversendai said revenue rose 58.6% to RM489.32 million in 4QFY15 from RM308.51 million in 4QFY14.
For the full 12 months ended Dec 31 (FY15), Eversendai's net profit grew 49.5% to RM55.9 million or 7.22 sen per share against RM37.4 million or 4.83 sen per share a year ago, while revenue grew 79% to RM1.79 billion from RM1 billion in FY14.
Boustead Heavy Industries Corp Bhd (BHIC) saw its net loss widen in its fourth quarter ended Dec 31, 2015 (4QFY15) to RM52.26 million or 21.03 sen per share from RM4.48 million or 1.8 sen per share a year earlier, as revenue came in lower.
Its latest quarterly revenue came in 40% lower at RM69.21 million, compared with RM115.19 million in 4QFY14, its bourse filing today showed.
No dividend was declared for the current quarter under review.
Muhibbah Engineering (M) Bhd turned in flat net profit growth for the fourth quarter ended Dec 31, 2015 (4QFY15) to RM20.07 million or 3.78 sen per share from RM20.19 million or 4.71 sen per share a year ago, on lower revenue.
Revenue fell 13.2% to RM431.88 million in 4QFY15 against RM497.43 million in 4QFY14.
For the full 12-month period ended Dec 31 (FY15), the group saw its net profit increase 5% to RM85.58 million or 18.69 sen per share from RM81.55 million or 19.23 sen per share in FY14, while revenue fell 7.5% to RM1.6 billion in FY15 from RM1.73 billion in FY14.
In a filing with Bursa Malaysia today, Muhibbah said as at Feb 22, its total outstanding secured order book is RM2.3 billion.
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