MISC Bhd reported a 189% jump in third quarter net profit from a year earlier as revenue rose. Lower impairment provision, higher joint venture profit, and disposal gains had also supported earnings growth.
The shipping company said net profit rose to RM401.02 million in the third quarter ended September 30, 2013 from RM138.88 million. Revenue was higher at RM2.17 billion versus RM2.16 billion.
Net profit had risen as the group registered lower losses from discontinued operations.
According to MISC, revenue had increased on higher income from the liquified natural gas (LNG) unit. This follows commencement of two floating storage units in August last year.
Higher shipping rates for chemicals had also contributed to top line growth, the firm said.
MISC's cumulative nine-month net profit climbed significantly to RM1 billion from RM49.13 million a year earlier. Revenue was higher at RM6.83 billion versus RM6.72 billion.
Looking ahead, MISC said chemical and petroleum shipping prospects remain challenging. This comes amid a vessel oversupply in the market. "Long-term contracts in LNG and offshore businesses continue to provide stability to the group," MISC said.
Petronas Chemicals Group Bhd’s net profit fell 14% year-on-year (y-o-y) to RM635 million in the third quarter ended Sept 30, 2013, from RM742 million in the third quarter of 2012.
Revenue also slipped 10% y-o-y to RM3.5 billion from RM3.9 billion.
The integrated chemicals producer said profit was affected by a one-off adjustment relating to amortisation expenses amounting to RM56 million, but cushioned by lower operating expenses and finance cost.
Cumulatively, PetChem registered a profit of RM2.7 billion for the nine months to September 2013, up from RM2.6 billion a year ago. But revenue fell to RM11.8 billion, from RM12.2 billion in the previous corresponding period.
The company attributed the larger profit for the nine months to higher availability of system volumes and lower financing cost, but said the slight dip in revenue was supported by robust performance in 1H13.
“Moving forward, our key imperative is enhancing operational excellence,” said PetChem president/CEO Dr. Abd Hapiz Abdullah.
“Coupled with our continued efforts in driving marketing excellence, PetChem should be in good stead to capture the opportunities within the growing petrochemical market.”
Nestle (M) Bhd reported a 7.3% year-on-year rise in net profit for the third quarter (3Q13) due to increased sales resulting from its good marketing strategy.
The food and beverage manufacturer’s net profit rose to RM136.6 million, from RM127.3 million in the same period last year.
Revenue also increased to RM1.21 billion, from RM1.14 billion previously.
In a statement to the exchange today, Nestle said the increase in sales was due to the continued investment in marketing and promotional activities.
For the nine months to September, net profit increased to RM461.2 million, from RM405.9 million in the same corresponding period.
Revenue rose to RM3.7 billion from RM3.5 billion previously.
The group said the increase in profit was due to domestic market, robust growth in its F&B products such as confectionery and liquid drinks.
Looking forward, the group said that the upcoming quarter will be “challenging” as the global economic environment has become more difficult.
Unisem (M) Bhd recorded a loss of RM648,000 in the third quarter ended Sept 30, 2013, compared to a profit of RM8.3 million in the previous year corresponding quarter.
But compared to second quarter’s loss of RM4.2 million, the third quarter loss was a vastly reduced figure.
Revenue for the third quarter fell 13% year-on-year (y-o-y) to RM247 million from RM283 million.
In a filing to the stock exchange, the semiconductor manufacturer said all its segments incurred losses for the third quarter, with the exception of Asia segment.
But revenue in the Europe and USA segments improved by 19.6% and 24% respectively, though its Asia segment declined 13.6% year on year.
For the nine months to September, the group incurred a loss of RM14.6 million compared to a loss of RM12.8 million a year ago, while revenue slipped to RM743 million from RM823 million a year earlier.
Unisem said decline in revenue for 3Q13 and 9M13 was brought by lower sales volume coupled with the decrease in average selling prices arising from changes in product mix.
And the higher net loss was mainly due to lower gross profit arising from reduced revenue, it said.
“The directors expect the business of the group to remain challenging for the rest of the financial year,” said Unisem.
Destini Bhd announced that its wholly owned unit has been awarded a government contract worth RM95 million to provide maintenance service for the equipment of the Royal Malaysian Air Force (RMAF).
It said on Nov 7, Destini Prima Sdn Bhd received the award from Ministry of Defence “to provide the first line and above maintenance services for the safety and survival equipment for RMAF.
The contract is for the period of three years commencing from Oct 3, 2013, to Oct 2 of 2016.
This contract is expected to have positive contribution to the earnings per share, net assets per share and gearing of the Destini group.
Tebrau Teguh Bhd (TTB) said a wholly owned unit has been served with a claim for about RM29 million.
“TTB wishes to announce that Tebrau Bay Constructions Sdn Bhd (TBC) was served with a sealed copy of a writ of summons and statement of claim on 1 November 2013 by ML Sepakat Sdn Bhd (MSSB) claiming for RM28,979,574.76,” the company said in a filing with Bursa Malaysia.
It added the sum was allegedly owed by TBC pursuant to site clearance and earthworks contract awarded by TBC to MSSB.
TBC is in the midst of seeking legal advice to defend against the writ, said Tebrau.
Written by Ho Wah Foon of theedgemalaysia.com
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