KUALA LUMPUR (Apr 21): Based on corporate events and announcements as at 7.30 pm today, the companies that may be in focus tomorrow include:
IJM Corporation Bhd’s wholly-owned unit has been awarded a job to build a commercial development in Damansara Utama, Selangor, for RM396 million.
IJM Corp said IJM Construction Sdn Bhd had today accepted the letter of acceptance (LOA) for the main building works of the proposed development.
The LOA was issued by Damansara Uptown Retail Centre Sdn Bhd. The project covers the construction of a shopping mall, office block and hotel block, spanning a period of 25 months.
Guocoland (M) Bhd’s net profits for the third financial quarter ended 31st March 2014 rose 79% to RM15.7 million from RM 8.7 million in similar quarter a year ago.
The higher profit for the current quarter was mainly due to "higher profit recognised from the on-going project in PJ city as well as the newly launched development project in Damansara City,” the company said in a statement to Bursa.
But revenue for the quarter fell to RM58.4 million from RM106.03 million in a similar quarter a year ago. The previous year's higher figure was mainly due to the sale of lands in Cheras for RM68.6 million.
Net profit for the cumulative nine months rose to RM40.91 million from RM27.83 million last year. But cumulative revenue for the period fell to RM178.59 million from RM188.46 million.
On prospects, the group expects to perform better for the current financial year.
KPJ Healthcare Bhd's managing director Tuan Haji Amiruddin Abdul Satar said the group expects to maintain a steady revenue growth of 10% this year.
"We always grow 10% year-on-year and are planning to maintain that," he told reporters today at a high-tea event organised by the company.
He added the group has introduced a new cloud infrastructure, developed by IBM, to be implemented in its hospitals. The company said it stands to save 30% to 40% of hardware costs with the new cloud system.
OSK Holdings Bhd is seeking new investments after focusing on the integration of the OSK Investment Bank-RHB Capital Bhd merger in the last 15 months, according to CEO Tan Sri Ong Leong Huat at the company’s annual general meeting.
OSK could potentially raise a conservative RM1 billion of borrowing due to its low gearing, said Ong.
“It does not matter which sector, so long as the business can give us good returns. We are now looking in as many areas as possible,” he said, adding that some decisions on the nature of investments should be announced within the next six months.
He added that OSK has no intention of divesting its remaining 9.91% stake in RHB Capital Bhd.
MKH Bhd expects its sales to hit RM800 million for financial year ending Sept 30, 2014, due to the launch of its nationwide property carnival.
MKH Managing Director Tan Sri Eddy Chen said MKH property sales accelerated this year to RM280 million as of February 2014.
"The result has put us on a right track to meet our target of RM800 million sales this year, supported by new gross development value (GDV) of RM1.6 billion from the eight planned projects this year," he said in a statement today.
Group sales for the financial year ended Sept 30, 2013 stood at RM580 million, he said.
Alam Maritim Resources Bhd said its shares would be suspended from trading tomorrow pending a “material announcement”.
The Edge Weekly reported on Saturday that Alam Maritim had been in discussion with Barakah Offshore Petroleum Bhd, Puncak Niaga Holdings Bhd and SapuraKencana Petroleum Bhd to become their subcontractor for a RM10 billion Pan Malaysia offshore transportation and installation (T&I) job the trio won recently.
Alam Maritim is an offshore oil & gas service provider.
SCGM Bhd shares rose to an all-time high today on market talk of an impending piece of positive news.
At market close today, shares of the company rose 22 sen or 18% to an all-time high of RM1.43 per share with some 4.78 million shares traded.
A source within the company confirmed the company would be making a “positive news announcement”, when theedgemalaysia.com telephoned the Johor Bahru company for comment.
Earlier this month, Kenanga Research issued a “trading buy” on the stock with a target price of RM 1.54.
Public Bank Bhd posted a net profit of RM1.02 billion for the first quarter of 2014, up 5% from RM968.3 million in similar quarter in 2013, on growth of loans and customer deposits.
Revenue posted for the quarter was RM3.95 billion, up from RM3.67 billion in the first quarter of 2013.
The bank said the improved earnings was mainly due to higher net interest income by RM53.2 million (3.9%), higher net fee and commission income by RM19.4 million (6.4%) and higher investment income by RM10.8 million (25.0%).
“The growth in the group’s net interest income was driven by continued healthy loans and customer deposits growth coupled with sustained strong asset quality,” it said.
Axis Real Estate Investment Trust (Axis-REIT) has recommended a 5.30 sen per unit first interim income distribution for 2014.
“This is the Trust’s highest first quarter distribution on record, up 17.8% compared to the preceding year’s corresponding quarter of 2013,” said Axis-REIT in a statement that also released its latest results.
Total trust revenue of the current portfolio for 1QFY14 rose to RM 35,596,000, compared with RM 35,007,000 a year ago.
For the distribution of 5.30 sen per unit, 4.42 sen per unit is taxable while 0.88 sen per unit is non-taxable, the Trust said. The 0.88 sen is a 34% of the 2.37 sen per unit gain on disposal of Axis Plaza.
The disposal of Axis Plaza has resulted in a total realised gain of RM 10.95 million, which translates to income distribution of 2.37 sen per unit. But for the first quarter, the Trust will only distribute 34% or 0.88 sen from this gain.
LBS Bina Group Bhd said its unit via a joint venture (JV) will develop land in Johor Bahru, Johor, for an estimated gross development value (GDV) of RM815 million.
The property developer said its 60%-owned unit Koleksi Sigma Sdn Bhd had yesterday entered into a joint development (JDA) agreement with YPJ Multi Ventures Sdn Bhd to develop the land.
The land measuring 14.2 acres will see the development of service apartments, sewerage treatment plant and residential units.
The development is expected to commence early next year, with expected completion of the service apartment and residential units within seven years and three years respectively.
The JV development is not expected to contribute to its earnings for the financial year ending Dec 31, 2014, but it is “a good move to tap the red hot demand for properties in the economic zone of Johor.”
Written by Ho Wah Foon of theedgemalaysia.com
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