KUALA LUMPUR (Mar 27): Based on corporate announcements, the stocks that may stir some interest include Hwang DBS, Berjaya Corp, BHIC, Scientex, KSK, Hai-O and TA Enterprise.
Hwang DBS (M) Bhd recorded a net profit of RM9.5 million for its second quarter ended Jan 31, 2013, a 39% plunge from RM15.5 million posted in the previous corresponding quarter.
But quarterly revenue was at RM110.9 million, which was a gain from the RM91.5 million recorded previously.
Hwang DBS said the lower profitability was due mainly to lower gain on securities held-for-trading, loss on derivatives portfolio, reduced stockbroking income, higher marketing expenses and increase in loan-loss provisioning.
Looking forward, the group said it foresees the rest of the 2013 financial year to “continue to be affected by the volatile and challenging economic environment.”
BERJAYA CORPORATION BHD [] recorded a 93% year-on-year plunge in net profit to RM1.03 million for its financial third quarter ended Jan 31, 2013, down from RM15.28 million posted in the previous year’s corresponding quarter.
Revenue also declined to RM1.77 billion from RM1.81 billion previously, mainly due to lower revenue from Toto betting operation segments, the company said.
The group’s retail distribution business also suffered reduced sales while its hotels and resorts business saw lower occupancy rates.
Boustead Heavy Industries Bhd (BHIC) has been appointed by Eurocopter, a French military helicopter manufacturer, as the maintenance, repair and overhaul (MRO) service provider to helicopters sold by Eurocopter to the Malaysian armed forces.
BHIC said its subsidiary BHIC Aeroservices Sdn Bhd has signed an MRO centre agreement with Eurocopter.
The MRO centre agreement, which will come into force upon signing by both parties, will be valid for three years and may be extended for successive two-year periods.
The MRO centre agreement is not expected to have any material effect on the earnings of BHIC Group for the financial year ending December 31, 2013, but will contribute positively to its future earnings, BHIC said.
Scientex Bhd saw a 26.9% jump in its net profit for the second quarter ended Jan 31, 2013, to RM25.6 million after reaping maiden contributions from the newly-acquired businesses of GW Plastics Holdings Bhd which were completed in January 2013.
Group revenue in 2Q13 also rose 26.4% to RM271.1 million from RM214.5 million previously.
The increase was due to higher demand for Scientex’s stretch film from export markets and sales of stretch film, food and beverage (F&B) packaging contributed by newly acquired Great Wall Plastic Industries Bhd and GW Packaging Sdn Bhd.
The company said the acquisition has boosted its overall stretch film capacity and allowed it to have a footprint in the recession-proof F&B packaging segment. It is optimistic of the performance of the group’s manufacturing and property divisions.
KSK Group Bhd executive chairman and major shareholder Tan Sri Kua Sian Kooi is privatising the general insurer via a selective capital reduction and repayment.
KSK said Kua, who owns 51.38% in KSK, formerly known as KURNIA ASIA BHD [], is making a capital repayment of 65 sen a share under the exercise.
At 65 sen, the capital repayment is a 13 sen or 17% discount to the company's latest reported book value of 78 sen a share.
HAI-O ENTERPRISE BHD [] recorded a higher net profit and high revenue for the third quarter to Jan 31, 2013.
It posted a net profit of RM10.9 million in its current third quarter compared to RM9.1 million in previous corresponding quarter, and achieved a turnover of RM 68.8 million from RM 62.8 million.
The increase in the group’s trading profit was mainly contributed by higher sales in its multi-level marketing division, wholesale division. But its retail division suffered a sharp fall in profit contribution as the Chinese New Year fell in the fourth quarter of current financial year.
TA ENTERPRISE BHD [] reported a pre-tax profit of RM40.9 million and a revenue of RM232.5million for the fourth quarter ended Jan 31, 2013, compared to pre-tax profit of RM28.1 million and revenue of RM192.3 million respectively achieved in the previous year’s corresponding period.
The company said the increase in revenue and pre-tax profits was mainly attributable to strong hotel performance, boosted by additional contribution subsequent to the acquisition of Movenpick hotel in Thailand during the year.
Written by Ho Wah Foon of theedgemalaysia.com
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