KUALA LUMPUR (May 29): Based on corporate announcements released today, companies whose share prices may move tomorrow include MAS, Ann Joo, LBS, Amway, Tradewinds, Puncak Niaga, Delloyd, RHBCap, Genting Plant, Wah Seong and Maybulk.
MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) has widened its loss for its first quarter ended March 2013 by 62.3% from a year ago, despite higher revenue.
Loss after tax stood at RM278.8 million from RM171.8 million in the same quarter in 2011, largely due to much higher finance cost and foreign exchange loss.
Finance cost more than doubled in 1Q13 to RM99.3 million, against RM44.6 million last year.
MAS’ operating revenue grew 11% to RM3.39 billion this quarter due to higher airline revenue of 10% and cargo revenue growth of 4%.
“Amid the tough business environment, MAS has launched aggressive promotions and marketing campaigns during the current quarter, which yielded positive results,” MAS said.
ANN JOO RESOURCES BHD [] reported that its first quarter results in 2013 have turned around, with net profit at RM9.73 million compared to loss of RM1.04 million in the first quarter of 2012.
Revenue however fell to RM487.56 million, from RM612.13 million.
The company said the revenue fall was due to decrease in exports. Higher profit was due to improved cost structure and efficiency in iron and steel production.
LBS BINA GROUP BHD [] said its profit for the first quarter to March 2013 doubled to RM12.70 million, from RM6.29 million a year ago. Earnings also doubled to 3.33 sen per share.
But its revenue rose marginally to RM108.20 million from RM106.14 million.
The improved results were due to the progressive recognition of revenue and profit contribution from its property projects, the company said.
Amway (Malaysia) Holdings Bhd reported a net profit of RM23.04 million for the first quarter ended March 31 of 2013, up 6.7% from RM21.59 million a year ago.
Its revenue rose 13.7% to RM203.86 million from RM179.25 million.
Growth in revenue was supported by pre-price increase buying ahead of the planned price increase effective Feb 1, 2013 and April 1 2013, the company involved in direct selling said. And profit rose accordingly.
Looking ahead, Amway said it expects a “low single digit growth” in sales revenue due to softening demand.
TRADEWINDS CORPORATION BHD [] said its net profit for the first quarter to March 2013 shrank 56% year-on-year to RM5.8 million. Earnings per share also fell to 0.53 sen from 1.21 sen.
This was achieved on the back of a flat revenue of RM128.34 million.
The company said its lower profit was due to weaker results in its PROPERTIES [], trading, manufacturing and hotel divisions.
PUNCAK NIAGA HOLDINGS BHD [] registered a net profit of RM60.7 million in its first financial quarter ended March 31, an increase of 22.6% year-on-year.
Earnings per share rose to 14.83 sen from 12.09 sen.
However, the company posted a lower revenue of RM201.3 million, a drop of 12.2% from last year’s RM229.3 million, mainly due to lower contribution from its oil and gas, CONSTRUCTION [] segments.
Higher profit was mainly due to higher accretion of interest on long term receivables, it added.
DELLOYD VENTURES BHD []’s net profit rose 36% to RM7.61 million in the fourth quarter ended March 31, 2013 (4QFY13) from RM5.6 million a year earlier.
The automotive-component manufacturer which also runs oil palm PLANTATION []s said revenue fell to RM84.32 million from RM113.73 million.
During 4QFY13, Delloyd's net profit was lifted by foreign exchange (forex) gain of RM1.01 million versus a forex loss of RM4.94 million a year earlier.
The firm said revenue had fallen on the exclusion of income from a former Indonesian unit.
The company plans to pay a dividend of five sen a share in 4QFY13, bringing full-year payout to 10 sen.
RHB CAPITAL BHD [] (RHBCap) incurred a one-off delinquent account impairment as well as higher collective allowance due partially to loan growth, which resulted in its first quarter's profit decline by 18%.
The financial services group reported net profit for the quarter ended March 31, 2013 (1QFY13) at RM357.19 million against RM435.55 million a year earlier.
However, RHBCap’s revenue climbed by 19% to RM2.27 billion. In the previous corresponding quarter, its revenue stood at RM1.9 billion.
The year-on-year revenue increase was driven by the full consolidation of OSK Investment Bank Bhd and top line gains in net interest income and income from Islamic banking business, the group explained.
On its prospects, RHBCap said: “The group expects satisfactory results for the financial year 2013.”
Genting Plantations Bhd’s net profit fell 44% to RM44.03 million in the first quarter ended March 31, 2013 (1QFY13) from RM78.79 million a year earlier.
The firm told the bourse that revenue however rose 26% to RM343.04 million from RM272.66 million.
"The group registered a year-on-year (y-o-y) increase in revenue as stronger sales achieved by the property segment more than made up for the lower contribution from the plantation segment," Genting Plantations said.
During 1QFY13, Genting Plantations’ bottom line was dragged down by significantly higher operating expenses of RM91.57 million versus 45.73 million.
Wah Seong Corp Bhd dipped into the red on lower revenue from its oil and gas (O&G) segment.
The company reported a net loss of RM1.55 million for its first quarter ended March 31, 2013 (1QFY13). This compares to the previous corresponding period’s net profit of RM17.78 million.
Wah Seong’s revenue also fell to RM427.91 million from the previous year’s RM481.56 million.
“As the oil and gas segment is predominantly project based, the commencement of projects which are mainly anticipated to be in 2QFY13 has impacted revenue recognised in 1QFY13,” Wah Seong explained.
On its prospects, the company said its current order book is at RM1.5 billion and the group is seeking a number of potential opportunities.
MALAYSIAN BULK CARRIERS BHD []'s (Maybulk) net profit fell 71% to RM9.01 million in the first quarter ended March 31, 2013 from RM30.94 million a year earlier.
Maybulk said revenue declined 16% to RM60.34 million from RM71.99 million. Revenue had fallen on lower income from the dry bulk segment.
"The dry bulk market generally weakened in the first quarter of 2013 and the average earnings for all bulk carriers remained low.
"The charter rates earned by the group’s dry bulk fleet declined 24%... Consequently, the group’s dry bulk segment turned in a loss of RM9.9 million, against a profit of RM9.8 million recorded in the corresponding period a year ago," Maybulk said.
While dry bulk trade is anticipated to grow 5% in 2013, Maybulk said it is also mindful of the increase in global fleet of bulk carriers.
Written by Ho Wah Foon of theedgemalaysia.com
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