KUALA LUMPUR (May 28): Based on corporate announcements and news flow today, companies that may be in focus on Monday (May 31) include AirAsia Group Bhd, Malaysia Airports Holdings Bhd (MAHB), Rubberex Corp (M) Bhd, Pharmaniaga Bhd, FGV Holdings Bhd, Ipmuda Bhd, Sedania Innovator Bhd, YTL Corp Bhd, YTL Power International Bhd, PPB Group Bhd, Power Root Bhd, JHM Consolidation Bhd, IGB Bhd, TIME dotCom Bhd, Eastern & Oriental Bhd, Malaysian Pacific Industries Bhd and Oriental Holdings Bhd.
AirAsia Group Bhd has provided financial assistance to some subsidiaries and associates amounting to around RM48.3 million. It had provided US$400,000, or the equivalent of RM1.7 million, in advances to its online financial services subsidiary Big Pay Pte Ltd through its unit AirAsia Digital Sdn Bhd on March 31.
Malaysia Airports Holdings Bhd (MAHB) posted a net loss of RM221.3 million for the first quarter ended March 31, 2021 (1QFY21), down 68% quarter-on-quarter from RM685.02 million. Meanwhile, revenue increased 28% to RM336.91 million from RM263.64 million in the preceding quarter.
Rubberex Corp (M) Bhd's net profit for the first quarter ended March 31, 2021 surged nine times to a record high of RM86.57 million from RM9.26 million a year ago, on higher demand for glove products and higher average glove selling prices. Its quarterly revenue also jumped more than two times to RM175.24 million from RM66.43 million a year ago.
Pharmaniaga Bhd has said it remains cautiously optimistic about recording better performance in the next quarter's results ending June 2021, by focusing on operational efficiencies and fiscal discipline throughout its value chain, including the supply and distribution of Covid-19 vaccine in the country. The pharmaceutical giant also reiterated a point made by Coordinating Minister of the National Covid-19 Immunisation Programme Khairy Jamaluddin yesterday, that the company is poised to fulfil its contractual obligation towards the Government by distributing a total of 12 million doses of Sinovac vaccine in June and July.
FGV Holdings Bhd has slipped into the red for the first quarter ended March 31, 2021, posting a net loss of RM35.42 million from a net profit of RM134.93 million in the immediate preceding quarter. Revenue declined 15.3% quarter-on-quarter to RM3.39 billion from RM4.01 billion.
Ipmuda Bhd leapt into a third quarter net profit of RM107,000 from a net loss of RM7.24 million a year earlier, helped by, among others, a RM1.1 million reversal of impairment on receivables during the quarter when the building materials distributor’s revenue dropped as the construction and property development industries contended with the impact of the movement restriction policies in Malaysia to curb the spread of the Covid-19 pandemic.
Jakel Group managing director Datuk Mohamed Faroz Mohamed Jakel has emerged as a substantial shareholder in Sedania Innovator Bhd, after acquiring 43.53 million shares or a 12.55% stake in the group. Mohamed Faroz had acquired the shares via a private placement.
YTL Corp Bhd posted a 9% increase in its net profit to RM93.5 million for the third quarter ended March 31, 2021 (3QFY21), from RM85.4 million in the preceding quarter. Revenue fell 8% quarter-on-quarter (q-o-q) to RM4.22 billion, from RM4.59 billion in 2QFY21.
Meanwhile, YTL Power International Bhd’s net profit improved to RM112.19 million for 3QFY21 from RM70.8 million in the same period a year ago. Revenue jumped to RM2.64 billion from RM2.59 billion previously. The higher net profit was due to improved performance in the multi-utilities (merchant) and telecommunication business segments.
PPB Group Bhd’s net profit more than doubled to RM402.18 million for the first quarter ended March 31, 2021 (1QFY21) from RM187.27 million a year ago, on higher contribution from Wilmar International Ltd and higher profits from the grains and agribusiness segment. Revenue rose 4.66% to RM1.12 billion from RM1.07 billion in 1QFY20. The group did not declare any dividend for the latest quarter.
Power Root Bhd's net profit slumped 85.34% to RM1.87 million in the fourth quarter ended March 31, 2021, from RM12.75 million a year earlier, on the back of a decline in revenue. Quarterly revenue fell 28.07% to RM65.03 million from RM90.40 million a year ago, mainly due to a decrease in overseas revenue.
JHM Consolidation Bhd is eyeing to acquire a nine-acre piece of land in the Batu Kawan Industrial Park in Penang for RM21.6 million as part of its expansion into the telecommunication equipment industry. The engineering company said it has entered into a sale and purchase agreement with Penang Development Corp for the purchase of the land, which is currently vested in the State Authority of Penang.
IGB Bhd sank into a first quarter net loss of RM7.96 million against a net profit of RM17.68 million a year earlier, as the property development and investment company’s revenue fell due to the adverse effect of Malaysia’s Covid-19-driven Movement Control Order (MCO) to curb the spread of the pandemic. IGB Bhd said revenue decreased to RM234.62 million in the first quarter ended March 31, 2021 from RM291.42 million a year earlier, due to lower contribution from among others, the group’s commercial and retail property investment segments and hotel operations.
TIME dotCom Bhd's net profit fell 6.75% to RM91.35 million for the first quarter ended March 31, 2021 (1QFY21), from RM97.96 million a year earlier. The group said it registered a lower net gain on foreign exchange of RM8.3 million against RM27.1 million in 1QFY20.
Its share of profits from investments in associates and dividend income also dropped during the quarter, while interest expenses rose.
Eastern & Oriental Bhd (E&O) slipped into the red after two quarters in the black, posting RM75.19 million in net loss for the fourth quarter ended March 31, 2021 (4QFY21) compared to a net profit of RM832,000 in the preceding quarter. However, its revenue surged 281% quarter-on-quarter to RM139.2 million from RM36.5 million in 3QFY21. Year-on-year, E&O marked a contraction in its net loss versus the corresponding quarter's net loss of RM204 million, while revenue increased 45% from RM96.2 million.
Malaysian Pacific Industries Bhd (MPI) is riding the semiconductor boom. Its net profit leaped by 237% to RM74.37 million in the third quarter ended March 31, 2021 versus RM22.05 million in the previous corresponding quarter, largely due to higher revenue across all of its business segments. MPI announced that its quarterly revenue soared by 40% to RM526.63 million compared with RM376.29 million. The geographical breakdown shows that the Asia, the US and Europe segments grew significantly in the quarter under review.
HLT Global Bhd said it has commenced a temporary stoppage of its manufacturing facility in Kuala Pilah until June 8 after several employees caught Covid-19. “As a result of the temporary closure of the affected plant, the capacity loss is estimated to be less than 5% of the total annual output volume,” said the glove dipping-line manufacturer. The plant is closed to carry out disinfection procedures and is expected to resume operations in stages from June 9, it added.
Ann Joo Resources Bhd reported a net profit of RM73.62 million in the first quarter ended March 31, 2021 from a net loss of RM30.56 million a year ago, helped by gains across all key segments, thanks to improved margin amid higher selling prices. Quarterly revenue rose 29.4% to RM576.69 billion from RM445.67 million, again as all segments grew with manufacturing being the bigger contributor.
Serba Dinamik Holdings Bhd said its non-independent non-executive director Datuk Abdul Kadier Sahib, who is also the second largest shareholder, has proposed to remove KPMG PLT as the company’s external auditor. Holding a 15.69% stake in Serba Dinamik, Abdul Kadier has also proposed to appoint BDO PLT as the company’s new auditor “in place of KPMG PLT for the financial year ending June 30, 2021”.
Malayan Flour Mills Bhd's (MFM) swung back to profit in the first quarter ended March 31, 2021 (1QFY21) amid improvements in both its flour and grains trading, and poultry integration segments. The group registered a net profit of RM17.66 million compared to a net loss of RM16.79 million in 1QFY20. Revenue rose 8.33% to RM708.77 million from RM654.28 million.
Oriental Holdings Bhd swung back to profitability with a net profit of RM122.05 million in the first quarter ended March 31, 2021, against a net loss of RM81.77 million a year earlier, on better performance by its plantation segment as well as share of profits from associates. Revenue, however, dropped 6.91% to RM890.3 million, from RM956.39 billion previously, dragged by lower contribution from the automotive segment with lower number of cars sold, but cushioned by higher contribution from the plantation segment with overall increase in sales commodities volume and selling prices.