KUALA LUMPUR (Feb 22): Based on corporate announcements and news flow today, stocks in focus on Monday (Feb 25) may include: MISC Bhd, Malakoff Corp Bhd, Petra Energy Bhd, Malaysia Smelting Corp Bhd, Dayang Enterprise Holdings Bhd, Axiata Group Bhd, London Biscuits Bhd, Tune Protect Bhd, Eastern & Oriental Bhd, MGB Bhd and LBS Bina Group Bhd.
MISC Bhd's net profit for the fourth quarter ended Dec 31, 2018 (4QFY18) soared to RM338.7 million from RM68.2 million a year earlier.
Quarterly revenue, however, fell to RM2.39 billion versus RM2.47 billion previously. MISC declared a dividend of 9 sen per share totalling RM401.7 million, to be paid on March 26.
For the financial year ended Dec 31 (FY18), MISC's net profit slipped 33.8% to RM1.31 billion from RM1.98 billion a year earlier as revenue dropped to RM8.78 billion from RM10.07 billion in FY17.
Malakoff Corp Bhd reported today a 188% rise in fourth quarter net profit at RM85.48 million from RM29.7 million a year earlier as revenue increased on higher payment from electricity generation at its Tanjung Bin Power Sdn Bhd (TBP) and Tanjung Bin Energy Sdn Bhd (TBE) coal power plants.
Malakoff said revenue rose to RM1.89 billion in the fourth quarter ended Dec 31, 2018 (4QFY18) from RM1.79 billion.
For the full year, Malakoff said FY18 net profit, however, fell to RM274.43 million from RM295.93 million a year earlier. The company said FY18 revenue was higher at RM7.35 billion versus RM7.13 billion in the previous year.
Petra Energy Bhd has bounced back into the black in the fourth quarter ended Dec 31, 2018 (4QFY18) with a net profit of RM20.88 million compared to a net loss of RM46.5 million in the previous corresponding quarter. Quarterly revenue ballooned 62% to RM191.83 million from RM118.44 million in the previous year.
For the full financial year ended Dec 31, 2018 (FY18), Petra Energy's net loss narrowed by more than half to RM21 million from a net loss of RM46.03 million in the previous year, while revenue inched up by 1.6% to RM467.42 million from RM460.23 million.
Malaysia Smelting Corp Bhd (MSC) finished the financial year ended Dec 31, 2018 (FY18) on a positive note, after more than doubling its net profit to RM34.3 million from RM16.11 million in FY17, after its tin smelting segment returned to profitability.
Revenue for FY18, however, was down 10.8% to RM1.28 billion from RM1.44 billion in FY17, mainly due to lower sales quantity of refined tin and lower average tin prices in ringgit terms last year.
It posted a net profit of RM15.59 million in the fourth quarter ended Dec 31, compared to a net loss of RM13.18 million a year ago, despite revenue coming in 9.7% lower at RM287.7 million versus RM318.52 million previously as it recorded lower sales quantity of refined tin.
Dayang Enterprise Holdings Bhd returned to the black in its financial year ended Dec 31, 2018, after its final quarter of the year raked in a net profit of RM97.72 million compared to a net loss of RM55.21 million in the previous corresponding quarter, on higher work orders received and performed under its topside maintenance contracts.
Quarterly revenue jumped 64.9% to a record high of RM285.65 million from RM173.26 million in the previous year, it said, despite the fourth quarter being a typically weak quarter due to the monsoon weather.
For the full financial year 2018 (FY18), Dayang recorded a net profit of RM164.22 million compared to a net loss of RM144.89 million, while revenue rose 34.9% to RM937.64 million from RM694.99 million in FY17.
Axiata Group Bhd posted a net loss of RM1.66 billion for the fourth quarter ended Dec 31, 2018 (4QFY18) — compared to a net profit of RM24.73 million a year ago — as the group recorded various one-off, non-cash, technical items during the quarter
The one-off expenses it recorded during the quarter include the RM3.9 billion of losses recorded by Idea Cellular, a RM1.8 billion asset write-off as a result of network modernisation at PT XL Axiata Tbk and Celcom Axiata Bhd, and foreign exchange and derivatives losses of RM0.5 billion.
Its revenue for the quarter rose marginally to RM6.27 billion from RM6.26 billion a year earlier.
For the full-year period, its net loss stood at RM5.03 billion, versus a net profit of RM909.48 million reported in the preceding year, while revenue fell to RM23.9 billion from RM24.4 billion.
The external auditor of London Biscuits Bhd has expressed a qualified opinion on the group’s financial statements for the financial year ended Sept 30, 2018 (FY18) after not being satisfied with the group’s physical inventories held at Sept 30, 2018, which are stated in the statements of financial position of the group and the company at RM26.89 million and RM20.79 million respectively.
It also reviewed certain opening balances containing misstatements that materially affect the current period’s financial statements.
Another concern identified was the group’s recognition of an impairment of trade receivables of RM1.994 million for FY18, and the retrospective adjustment of RM60.39 million to comply with the impact of the group’s early adoption of MFRS 9.
Tune Protect Bhd posted a 29.3% year-on-year jump in net profit in the fourth quarter of the year ended Dec 31, 2018 (4QFY18), from RM8.35 million to RM10.8 million, on the back of lower net claims incurred, higher fair value gain on investments, and lower other operating expenses.
Quarterly revenue grew 1.4% to RM140.42 million from RM138.52 million in 2017, as it recorded higher gross earned premiums in its general reinsurance business, and higher investment income due to stronger dividend from collective investment schemes from higher placements in unit trust funds.
For the full year, its net profit rose 6.5% to RM49.31 million from RM46.3 million a year ago, as revenue climbed 4.3% to RM566.12 million from RM542.6 million, largely due to better investment income.
Eastern & Oriental Bhd (E&O) slipped into the red in the third financial quarter ended Dec 31, 2018 (3QFY19), with a net loss of RM8.8 million compared to a net profit of RM21.98 million a year ago.
E&O attributed the loss to a RM11.6 million unrealised foreign exchange (forex) loss, as well as an estimated one-off RM44.6 million holding cost payable for the option to purchase land, which was not exercised.
Quarterly revenue declined 22.6% to RM256.95 million from RM331.9 million in 3QFY18, mainly attributable to the property segment which registered a decrease of RM53.97 million and the hospitality segment which registered a decrease of RM10.56 million.
The weak quarterly performance dragged down the group's net profit for the cumulative nine months (9MFY19) to RM24.15 million, 61.6% lower from RM62.89 million a year ago, while revenue fell 9.3% to RM636.34 million from RM701.22 million in 9MFY18.
MGB Bhd, a 56.1%-owned unit of LBS Bina Group Bhd, has been awarded a RM150.7 million to design and build two blocks of serviced apartments and its relevant facilities in Sepang, Selangor, from its sister company. The contract was awarded by Seloka Sinaran Sdn Bhd, which is also a unit of LBS Bina.
Separately, MGB announced that its net profit for the quarter ended Dec 31, 2018 (4QFY18) fell 41.4% to RM3.49 million from RM5.96 million a year ago, as revenue shrank 5.1% to RM177.45 million from RM186.89 million, as contribution from both its construction and property segments declined.
For the full year (FY18), its net profit fell 7.1% to RM31.72 million from RM34.13 million, on lower profit achieved in its property development segment and higher operating expenses, which could not be offset by the 8.5% rise in revenue during the quarter to RM751.27 million from RM692.64 million.
http://www.theedgemarkets.com/article/misc-malakoff-petra-energy-msc-dayang-axiata-london-biscuits-tune-protect-eo-mgb-and-lbs
