KUALA LUMPUR (May 28): Based on news flow and corporate results, the companies that may grab attention tomorrow could include the following:
MMC Corporation Bhd’s net profit surged 167% year-on-year (y-o-y) to RM23.6 million in the first quarter ended Mar 31, 2014, from RM8.8 million due to higher work progress for the construction of Klang Valley Mass Rapid Transit Sungai Buloh-Kajang Line.
Revenue was up 6.9% y-o-y at RM1.86 billion from RM1.74 billion.
MMC Corp said the larger revenue was mainly due to higher dispatch factors from Malakoff’s gas fired power plants and contribution from MWM.
“The group is optimistic that the energy and utility segment will perform reasonably well in the coming months,” said MMC Corp on current prospects.
“This is in view of the impending full recovery of Malakoff’s Tanjung Bin power plant by the second half this year.”
Genting Plantations Bhd’s (GenP) net profit soared 130% year-on-year (y-o-y) to RM101.1 million in the first quarter ended Mar 31, 2014, from RM44.0 million.
But revenue fell 3% to RM332.9 million compared with RM343.0 million in 1QFY13.
The group expects its performance to be influenced by world palm oil price, weather conditions, property market conditions, input cost factors and currency exchange rates.
The growth in Indonesian production is expected to continue to be the main driver of overall production improvements for the group.
Coastal Contracts Bhd reported net profit of RM49.2 million for its first quarter ended March 31, 2014, jumping 58% from RM31.1 million in the previous year’s same quarter.
Meanwhile, revenue rose 33% to RM224.7 million for 1QFY14, from RM168.9 million in 1QFY13.
“The stronger bottom line was attributed to the increased delivery of offshore support vessel (OSV) newbuilds in addition to an enhanced product mix comprising higher-value OSVs,” said the company.
“Underpinned by stability in global crude oil prices, we expect continued capital expenditure by O&G majors for oil rig replacements and fleet renewals to support exploration and production activities.
Naim Holdings Bhd's net profit soared 133% to RM95.8 million in the first quarter ended March 31, 2014, from RM41.2 million a year earlier due to rise in construction revenue and gains from the sale of an equity portion in an associate company.
Revenue was higher at RM154.1 million versus RM128.9 million.
KNM Group Bhd’s net profit multiplied 6.4 times to RM14.2 million in the first quarter ended Mar 31, 2014, from RM2.2 million a year ago.
Revenue rose 0.9% year-on-year to RM493.9 million from RM489.6 million.
The oil & gas company, also involved in power generation, said its higher net profit and revenue were due to higher project progress recognition, better project contribution margin and lower operating cost.
KNM said its Europe segment’s contribution remained positive with improved order book, while its Americas segment’s contribution to the group improved. But the group’s Asia & Oceanic segment registered lower job progress recognition.
Hap Seng Consolidated Bhd will be launching several property projects this year with a combined gross development value (GDV) of RM1 billion, expected to be realised over a course of 2 years.
These projects will include high end service residences in Jalan Tun Razak and a project in Balakong.
KSL Holdings Bhd’s net profit rose 27% to RM 61.0 million for its first quarter ended March 31, 2014, from RM47.9 million in the previous year’s same quarter.
Revenue for the quarter increased 55% to RM207.9 million, from RM134.1 million in the preceding year.
Going forward, the company is optimistic in sustaining its growth in the medium to long term, backed by its portfolio of existing projects and new launches of prime projects in the pipeline.
IGB Corporation Bhd’s net profit for the first financial quarter ended March 31, 2014, rose 21.4% to RM 58.35 million from RM48.06 million in the same quarter a year ago.
Revenue for the quarter rose 21.8% to RM296.08 million from RM243.05 million a year ago.
The company said that its better net profits were attributed to better performance from the property development and property investment divisions.
“The board is cautiously optimistic that these better performances from all the operating divisions will carry through for the rest of the year,” it said in its statement to Bursa Malaysia.
Land & General Bhd’s net profit for its fourth financial quarter ended March 31, 2014, was positively flat at RM19.72 million from RM19.66 million in the same quarter a year ago
Revenue for the quarter rose to RM120.74 million from RM83.15 million a year ago.
Net profit for the full year more than doubled to RM131.6 million from RM57.2 million a year ago. Cumulative revenue rose to RM491.9 million from RM216.3 million a year ago.
The company declared a 2 sen per share dividend.
JT International Bhd’s (JTI) net profit rose 3.2% year-on-year (y-o-y) to RM41.0 million in the first quarter ended Mar 31, 2014, from RM39.7 million.
Revenue rose 11.6% y-o-y to RM345.9 million from RM309.9 million.
“For the remainder of 2014, JTI Malaysia expects the operating environment to remain extremely challenging, driven by the 14% cigarettes price increase in October last year and the continued high prevalence of illegal cigarettes in the market,” said JTI.
Allianz Malaysia Bhd reported net profit of RM86.2 million for its first quarter ended March 31, 2014, jumping 60% from RM53.7 million in the preceding year’s same quarter.
Revenue for 1QFY14 rose 18% to RM1.02 billion from RM862.1 million in 1QFY13.
The group sees a challenging outlook on the year, due to regulatory changes and consolidation in the industry, but said that it will maintain its momentum to maintain its market leadership.
“The board believes that the group’s strategic initiatives will deliver satisfactory results and continues its long term sustainable growth,” said Allianz in its statement.
ECM Libra Financial Group Bhd will be uplifted from Bursa Malaysia's Practice Note 17 (PN17) list tomorrow (May 29), the financial services entity said in a statement on the exchange regulator's website.
ECM Libra has been a PN17 entity since December 2012 after the group's disposal of its entire stake in wholly-owned subsidiary ECM Libra Investment Bank Bhd to Kenanga Investment Bank Bhd then.
Kanger International Bhd proposed a bonus issue of 86 million ordinary shares of 10 sen each on the basis of one bonus share for every five existing shares held by shareholders.
The company said that the bonus issue exercise is to reward its shareholders, while also enhancing the marketability and trading liquidity of its shares.
Written by Ho Wah Foon of theedgemalaysia.com
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