UMW Holdings Bhd said its net profit rose 7% to RM235.5 million in the first quarter ended March 31, 2014, from RM219.7 million a year earlier, due to higher profit from automotive and oil/gas divisions.
UMW Holdings said revenue climbed to RM3.58 billion from RM3.36 billion, on higher sales of motor vehicles and oil and gas.
Looking ahead, UMW Holdings said its automotive segment is expected to sustain its performance this year. This is despite anticipation of intense competition from new model launches.
Performance at the oil and gas division is expected to be satisfactory on secured orders for the company's drilling rigs, UMW Holdings said.
The equipment segment is expected to remain challenging while the manufacturing & engineering segment is expected to sustain its performance.
IOI Properties Group Bhd said net profit for its third quarter to end-March 2014 plunged 70% to RM89.1 million, from second quarter’s net profit of RM300.2 million, due mainly to lower sales in Malaysia.
Revenue for the quarter fell 8.5% to RM361.5 million, from second quarter’s RM395.2 million.
Net profits for the nine months totalled RM500.35 million, while cumulative revenue for the nine months stood at RM1.03 billion.
As IOI Properties was listed this year, there were no comparative figures from the previous year.
IOI Properties sees the property market in Malaysia and Singapore to remain “challenging” in the high-end segment, but views the mass market segment in Malaysia as revenue driver.
“The outlook for the property market in both Malaysia and Singapore remains challenging especially in the high end segment. It is expected to soften this year but the mass market segment in Malaysia where the group has significant presence will remain to be the key revenue driver,” it said. “Going forward, the overall group's performance is expected to be satisfactory.”
Bumi Armada Bhd posted net profit of RM64.8 million for its first quarter ended March 31, 2014, down 41% year-on-year from RM109.7 million.
The group’s revenue for the quarter fell 4% to RM468.9 million, from RM488.8 million in the previous year’s corresponding quarter.
Bumi Armada attributed the lower revenue to lower activities in its transport and installation segment, due to “winter conditions in the Caspian Sea, where the LukOil project is located and the completion of the Armada Hawk charter in the previous quarter”.
Moving forward, the group said it remains confident of its fundamentals in the long-term, in line with the positive outlook for the offshore oil and gas (O&G) services sector.
In a separate announcement, Bumi Armada Bhd proposed a bonus issue of up to 1.48 billion new shares on the basis of one bonus unit for every two existing shares held.
It has also proposed a renounceable rights issue of up to 1.48 billion new shares to raise funds, on the basis of one rights share for every two existing units held.
Felda Global Ventures Holdings Bhd’s (FGV) net profit rose 5% year-on-year (y-o-y) to RM143.6 million in the first quarter ended March 31, 2014, from RM136.7 million due to higher crude palm oil price.
Revenue jumped 38.9% y-o-y to RM3.73 billion from RM2.68 billion a year ago.
FGV said the higher profit was largely due to higher palm oil price and oil extraction rate (OER) in its plantation segment.
Choo Bee Metal Industries Bhd’s net profit fell 62% to RM3.0 million for its first quarter ended March 31, 2014, from RM7.9 million in the preceding year’s same quarter.
However, revenue rose 6% to RM116.0 million for 1QFY14, from RM110.0 million in 1QFY13.
The higher revenue was attributed to stronger sales volume, particularly from the trading segment, while the decline in profit was due to lower margins.
For the remainder of its financial year, the group expects a challenging business environment as outlook on the local steel industry remains uncertain.
But it added that new projects to be rolled out by the government such as the West Coast Expressway, Program Perumahan Rakyat and water piping projects will be driving demand for steel products.
Eastern & Oriental Bhd’s (E&O) net profit rose 34% to RM50.7 million for its fourth quarter ended March 31, 2014, from RM37.9 million in the previous year’s same quarter.
Revenue for the quarter increased 39% year-on-year to RM229.7 million, from RM164.7 million.
For the full year, net profit was lower at RM113.4 million compared to RM129.6 million in the preceding year, while revenue fell to RM497.1 million from RM605.5 million.
The group attributed the lower cumulative revenue to lower contribution from the property segment.
Going forward, the company expects the current dampened sentiment on the property sector to continue over the next six months.
Kossan Rubber Industries Bhd's net profit for the first financial quarter ended March 31, 2014, rose 10.8% to RM36.83 million, from RM33.22 million in similar quarter a year ago.
Revenue for the quarter fell to RM306.17 million from RM327.27 million a year ago.
The company had attributed its increase in profits to its higher production efficiencies, superior quality of the gloves produced and the right product mix.
On prospects, the group is positive of increased turnover and profitability in its gloves division as world demand for gloves continues to rise.
Dayang Enterprise Holdings Bhd's net profit rose 22% to RM33.4 million in the first quarter ended March 31, 2014, from RM27.4 million a year earlier.
The provider of oil and gas support services said revenue was higher at RM177.4 million, versus RM87.9 million a year ago.
Salcon Bhd's net profit soared 583% to RM16.4 million in the first quarter ended March 31, 2014 (1QFY14) from RM2.4 million a year earlier, mainly on gains from the construction firm's sale of concession operations.
Salcon said revenue was higher at RM40.4 million, compared to RM36.2 million a year ago.
Lower revenue was recorded in the discontinued-concession operations by 81%. However, profit before tax had increased by 222% as compared with the immediate preceding quarter due to gain from the disposal of subsidiaries, Salcon said.
Karex Berhad announced that revenue for the third quarter to end-March 2014 increased by 50% to RM74.6 million whilst profit after tax more than doubled to RM11.5 million, as compared to the corresponding period in the previous year.
“The improved financial performance was attributed to the higher volume of condom sales achieved as a result of the installation of additional manufacturing capacity for condom manufacturing,” the company said in a press statement.
The company also announced that it has adopted a dividend policy to distribute a minimum of 25% of its annual profit attributable to shareholders, with effect from the financial year ending 30 June 2014.
P.I.E. Industrial Bhd’s net profit jumped 65% to RM9.1 million for its first quarter ended March 31, 2014, from RM5.5 million in the previous year’s first quarter, due partly to a foreign exchange gain.
Revenue for the quarter almost doubled to RM157.4 million from RM81.6 million in the year before.
The company attributed the improved revenue to better contribution from electronic manufacturing activities.
The company expects better performance for its current financial year ending December 2014.
Written by Ho Wah Foon of theedgemalaysia.com
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