KUALA LUMPUR (Feb 25): Based on corporate announcements and newsflow today, stocks in focus for Wednesday (Feb 26) could include Ekovest Bhd, Hibiscus Petroleum Bhd, IJM Corp Bhd, Inari Amertron Bhd, IOI Properties Group Bhd, Mega First Corp Bhd, MMC Corp Bhd, Nestle (M) Bhd, Petronas Dagangan Bhd (PetDag) and Sunway Bhd.
Ekovest Bhd's net profit in the second quarter ended Dec 31, 2019 (2QFY20) fell almost 34% to RM29.03 million from RM43.91 million, due to completion of higher margin construction works.
Quarterly revenue rose 6.4% to RM384.31 million from RM361.18 million a year ago, thanks to higher construction work done recognised for the Duke Phase 3 project.
For the six month period ended Dec 31, 2019 (6MFY20), Ekovest net profit rose 5.2% to RM92.35 million from RM87.78 million a year ago, while revenue grew 9.8% to RM731.12 million, from RM666.07 million previously.
Hibiscus Petroleum Bhd's net profit grew 2.3% to RM51.25 million in the second quarter ended Dec 31, 2019 (2QFY20), from RM50.11 million, as revenue soared 64.6% to RM271.85 million, from RM165.16 million the year before.
The weak earnings growth despite huge jump in revenue, was due to higher taxation imposed on its North Sabah operating segment.
For 6MFY20, Hibiscus’ net profit dropped 55% to RM67.48 million from RM150.11 million last year, while revenue fell nearly 18% to RM431.15 million, from RM525.11 million.
IJM Corp Bhd's net profit in the third quarter ended Dec 31, 2019 (3QFY20) fell 46.73% to RM49.77 million from RM93.42 million, dragged by higher operating expenses and bigger losses of associates.
Quarterly revenue fell 4.44% to RM1.44 billion from RM1.51 billion, following lower revenue from property development, as well as manufacturing and quarrying divisions.
Net profit for the nine month period ended Dec 31, 2019 (9MFY20) was flattish at RM179.23 million from RM178.105 million previously, as revenue grew almost 7% to RM4.56 billion, as opposed to RM4.26 billion in 9MFY19.
Inari Amertron Bhd’s net profit slumped nearly 32% to RM37.49 million in the second quarter ended Dec 31, 2019 (2QFY20) from RM55.09 million a year ago. Change in product mix, higher depreciation costs and a less favourable foreign exchange rate .
It declared a second interim dividend of one sen per share. Quarterly revenue fell 11.56% to RM265 million, from RM 375.96 million in the previous corresponding quarter, due to reduced sales volumes in optoelectronic products.
For 6MFY20, Inari’s net profit fell 26% to RM85.22 million from RM115.24 million a year ago, on lower revenue of RM582.04 million, which dropped 7% from RM625.87 million a year ago.
IOI Properties Group Bhd's net profit slid 7% in the second quarter ended Dec 31, 2019 (2QFY20) to RM199.75 million from RM214.86 million a year ago on lower contribution from the property development segment in China and Johor.
Revenue for the quarter also fell 14% to RM564.13 million, from RM659.18 million in 2QFY19.
Net profit in 1HFY20 rose 3% to RM336.39 million from RM326.82 million, on lower taxation incurred. Revenue however fell 9% to RM1.1 billion from RM1.21 billion previously, on lower contributions from its property development segment.
Mega First Corp Bhd's net profit more than doubled in the fourth quarter ended Dec 31, 2019 (4QFY19) to RM84.18 million from RM31.17 million, thanks to higher profit from construction segment and maiden income from energy sales.
The group declared a final dividend of six sen per share for the quarter. Revenue fell 11.5% to RM195.53 million, from RM220.93 million, no thanks to lower construction revenue contribution.
For the full FY19, Mega First’s net profit increased 18.88% to RM153.67 million from RM129.27 million, thanks to lower tax incurred higher power segment contribution. Full-year revenue fell 19.7% to RM701.93 million, from RM874.12 million.
MMC Corp Bhd's net profit fell 43% in the fourth quarter ended Dec 31, 2019 (4QFY19) to RM68.09 million from RM119.72 million, dragged by slower work progress of the Klang Valley Mass Rapid Transit (KVMRT) project.
Quarterly revenue sank 30% to RM1.1 billion, from RM1.56 billion.
For the full FY19, the construction firm chalked up a higher net profit of RM255.17 million, up 16% from RM220.08 million, despite revenue falling 5% to RM4.72 billion from RM4.98 billion.
Nestle (M) Bhd's net profit for the fourth quarter ended Dec 31, 2019 (4QFY19) rose 6.5% to RM131.82 million from RM123.82 million, on the back of robust domestic sales and operational savings.
It declared a final dividend of RM1.40 per share. Quarterly revenue dipped 1.4% to RM1.33 billion from RM1.35 billion, amid subdued export demand.
For FY19, Nestle’s net profit rose 2.1% to RM672.91 million from RM658.88 million previously, while revenue was flat at RM5.51 billion.
Petronas Dagangan Bhd (PetDag) net profit jumped 171% to RM126.59 million in its fourth quarter ended Dec 31, 2019 (4QFY19), from RM46.68 million, largely attributed by higher sales volume and better gross profit, following the higher Mean of Platts Singapore (MOPS) prices.
It declared an interim dividend of 25 sen per share and a special dividend of 15 sen per share for 4Q19.
Quarterly revenue was flattish at RM7.79 billion versus RM7.90 billion in 4QFY18, as a 4% drop in average selling prices had offset the 3% increase in sales volume.
In FY19, PetDag’s net profit fell 2.4% to RM829.54 million from RM849.85 million, on higher operating expenses. Annual revenue held steady at RM30.29 billion, compared with RM30.07 billion in FY18.
Sunway Bhd posted a 10.5% higher net profit of RM200.31 million for the fourth quarter ended Dec 31, 2019 (4QFY19) from RM181.24 million a year ago, on higher contributions from its property development, quarry and property investment segments.
Revenue declined 6.83% to RM1.35 billion from RM1.45 billion, due to lower contributions from its other divisions. It is declaring a second interim cash dividend of 4.5 sen per share for the quarter, compared with 3.62 sen in 4QFY18.
FY19 net profit rose 18.76% to RM766.63 million from RM645.51 million, due to higher profit contributions from most business segments, except construction and trading and manufacturing.
This is despite revenue declining 11.64% to RM4.78 billion from RM5.41 billion last year, due to lower contributions from most business segments, except quarry and healthcare.
https://www.theedgemarkets.com/article/ekovest-hibiscus-ijm-corp-inari-ioi-properties-mega-first-mmc-corp-nestle-petdag-and-sunway
