KUALA LUMPUR (May 27): Based on corporate announcements and results released today, the following may be the companies in focus tomorrow.
SILK Holdings Bhd is selling its SILK highway to IJM Cooperation Bhd’s wholly owned subsidiary for RM398 million cash.
SILK Holdings said it has entered into a Heads of Agreement with Road Builder (M) Holdings Bhd for the sale of its entire equity interest in Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd, the concession holder for the 37 kilometre SILK Highway, for RM398 million.
It said the finalisation of the transaction is dependent upon the entry into a definitive share sale agreement and completion of a due diligence inquiry on SILK by Road Builder.
The company said the operation of a highway concession is not within its preferred growth strategy going forward, and “the time is right for the company to unlock the value of this asset for its shareholders.”
It added the sale will enable the company to focus resources on enhancing the value of its oil & gas support services division.
IJM Corporation Bhd's net profit plunged to RM8.2 million for its fourth quarter ended March 31, 2014, from RM64.4 million in the previous year’s corresponding quarter.
However, revenue for the quarter rose 32% year-on-year to RM1.65 billion from RM1.25 billion.
For the year to end-March 2014, net profit almost doubled to RM830.0 million, from RM420.9 million in the preceding year, while revenue rose to RM6.01 billion from RM4.66 billion.
The group declared a total dividend payment of 21 sen per share, consisting of a second interim dividend of 11 sen and a special dividend 10 sen. The entitlement date of the dividend is on June 12, 2014.
The group said its infrastructure segment had reported a loss before tax of RM199.4 million for the quarter, due to its share of joint venture losses from impairment of concession assets in Vijayawada Tollway Pte Ltd and Lebuhraya Kajang Seremban Sdn Bhd.
“The group also wrote-off goodwill of RM59 million upon acquisition of additional equity interest in Vijayawada Tollway Pte Ltd and impaired its investment in the Lebuhraya Kajang Seremban Sdn Bhd by RM33.4 million during the quarter,” it said.
IJM Plantations Bhd has proposed to pay shareholders 7 sen/share dividend after posting a stronger set of results for the fourth quarter.
Net profit for the quarter to March 31 rose to RM52.41 million on year from RM22.20 million. Revenue rose to RM188.02 million from RM135.12 million.
IJM Land Bhd said its net profit for the fourth quarter to March 31, 2014, rose three folds to RM264.03 million, from RM65.33 million a year ago.
Revenue also almost doubled to RM691.18 million, from RM373.19 million in similar quarter last year.
The property company declared a dividend of 6 sen/share.
For the 12 months to March 2014, total profits more than doubled to RM533.23 million, compared to RM215.056 million in the previous year. Revenue also jumped to RM2.05 billion from RM1.25 billion.
Looking ahead, IJM Land said with an unbilled sales of about RM2 billion, it expects “to continue to deliver satisfactory performance for the new financial year”.
Axiata Group Bhd's net profit rose 9.8% year-on-year (y-o-y) to RM674.9 million in the first quarter ended Mar 31, 2014, from RM614.6 million. Revenue rose only 0.7% y-o-y to RM4.51 billion from RM4.48 billion.
The telecommunications giant said the higher net profit was mainly due to foreign exchange gains of RM133.3 million recorded by Indonesia this quarter as compared to losses a year ago.
The group expects to face continued challenges for the financial year ending Dec 31, 2014, and said it will focus on careful execution of its business strategy.
It added the key risks facing operating companies include rising competition and regulatory challenges.
Hap Seng Plantations Holdings Bhd said net profit for the first financial quarter ended March 31, 2014, rose 111% to RM42.23 million from RM19.97 million in the same quarter a year ago.
Revenue for the quarter rose to RM138.43 million from RM101.36 million a year ago.
The company attributed its strong performance to higher average selling prices and higher sales volume of crude palm oil and palm kernel.
The company expects results for the current financial year to be better than the previous financial year.
Wah Seong Corporation Bhd has returned to the black with net profit of RM20.6 million in the first quarter ended Mar 31, 2014, from a loss of RM1.6 million a year ago.
Revenue rose 12.8% year-on-year to RM482.6 million from RM427.9 million.
Dutch Lady Milk Industries Bhd's net profit for the first financial quarter ended March 31, 2014, fell 20.5% to RM23.07 million from RM29.02 million in same quarter a year ago.
But revenue for the quarter rose 10.4% to RM227.68 million from RM206.27 million a year ago.
The dairy products manufacturer attributed the increased revenue to inflation adjustment on its price and volume progression.
It added that the lower profits were due to the increase of dairy raw materials prices coupled with the weakening of the ringgit for the quarter
QL Resources Bhd's net profit rose 21% to RM38.6 million in the fourth quarter ended March 31, 2014, from RM32 million a year earlier. Revenue climbed to RM606.9 million from RM562.5 million.
Full-year net profit increased to RM159.9 million from RM131.7 million a year earlier. Revenue was higher at RM2.46 billion versus RM2.15 billion.
The firm said it plans to pay a dividend of 3.5 sen a share for the quarter in review.
MNRB Holdings Bhd's net profit jumped 63% year-on-year to RM73.7 million for its fourth quarter ended March 31, 2014, from RM45.3 million.
Revenue for the quarter rose to RM588.0 million from RM581.0 million in the same quarter a year before.
For the 12 months to March, net profit improved to RM154.9 million from RM112.7 million, while cumulative revenue increased to RM2.38 billion from RM2.30 billion.
Mudajaya Group Bhd's net profit fell 40% to RM25.1 million in the first quarter ended March 31, 2014, from RM42.1 million a year earlier.
Mudajaya said revenue fell to RM366.4 million from RM377.9 million.
Despite the lower profit, Mudajaya said it plans to pay a dividend of three sen a share for the quarter in review.
Ahmad Zaki Resources Bhd's (AZRB) net profit rose 80% to RM4.5 million in the first quarter ended March 31, 2014, from RM2.5 million a year earlier, due to higher-margin construction projects.
Ahmad Zaki said revenue was higher at RM153.8 million versus RM140.2 million.
"The group’s construction division expects to perform better as the remaining order book balance remains strong and the prospects for enhancement of the order book is encouraging.
"The oil and gas division continues to be robust with steady flow of income to the group. The group also looks forward to achieving positive development in the plantation division," Ahmad Zaki said.
MKH Bhd's net profit soared 300 per cent to RM50.7 million for its second quarter ended March 31, 2014, from RM12.7 million in the previous year’s corresponding quarter.
Revenue for the quarter rose 37 per cent to RM188.1 million, from RM137.2 million in the year before.
Cumulatively, net profit for 6MFY14 increased to RM67.5 million from RM46.9 million in 6MFY13, while revenue climbed to RM370.6 from RM285.1 million.
Eversendai Corporation Bhd has secured contracts worth RM580 million in the United Arab Emirates to build and supply two units of GustoMSC NG-2500X liftboats to Vahana Offshore (S) Pte. Ltd. (Vahana).
Eversendai said its wholly owned subsidiary, Eversendai Offshore RMC FZE, had been awarded the contract for the engineering, procurement, construction and delivery of two units of fully equipped liftboats in February and May 2016, respectively.
Written by Ho Wah Foon of theedgemalaysia.com
INTERNATIONAL CONCEPT OF WORK FROM HOME
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