Infrastructure firm Taliworks Corp Bhd saw its net profit rise 8 times to RM76.19 million or 6.3 sen a share in the second quarter ended June 30, 2016 (2QFY16), from RM9.49 million or 0.87 sen a share a year ago, on the back of a one-off gain of RM65.8 million that arose from the disposal of its China waste management division.
Revenue increased by 4.8% to RM76.83 million in 2QFY16, from RM73.3 million in 2QFY15, its bourse filing showed.
Earnings before interest, tax, depreciation and amortisation (Ebitda) from continuing operations grew 40.3% to RM33.1 million, from RM23.6 million.
This was mainly due to higher income generated from its water treatment, supply and distribution businesses, and its toll operations, which saw a toll increase taking effect from Oct 15, 2015, as well as contribution from newly-acquired SWM Environment Holdings Sdn Bhd which was completed in May.
Petronas Chemicals Group Bhd posted a 17% year-on-year decline in its second quarter net profit to RM462 million, mainly on a RM241 million (US$59 million) asset write-off, following the cancellation of its elastomers project.
Its net profit in the second quarter ended June 30, 2015 (2QFY15) stood at RM557 million. Revenue fell to RM3.2 billion, from RM3.31 billion, on lower product prices.
"Overall average product prices were lower, in tandem with the sharp decline in crude oil price.
"Profit after tax for the quarter, however, was lower by RM105 million or 16% at RM533 million, mainly due to assets write-off amounting to RM241 million (US$59 million), in relation to the cancellation of elastomers project," Petronas Chemicals said in a bourse filing.
Petronas Gas Bhd saw its net profit halve to RM403.75 million in the second quarter ended June 30, 2016 (2QFY16), from RM818.05 million, despite a 3.25% rise in revenue to RM1.12 billion, from RM1.08 billion.
For the first half ended June 30, 2016 (1HFY16), the group’s net profit also slumped 32.89% to RM850.92 million, from RM1.27 billion a year ago, though revenue gained 3% to RM2.25 billion, from RM2.18 billion.
The group explained in its quarterly report that the sharp decline in 2QFY16 profit was mainly due to lower tax expenses in the corresponding quarter, due to recognition of deferred tax asset (DTA) arising from investment tax allowance for Plant Rejuvenation and Revamp project, totalling RM407.4 million.
Excluding the impact of DTA and forex, profit for 2QFY16 only slipped RM23.9 million or 5.6%.
Most segments — namely gas processing, gas transportation and regasification — posted lower profit in the quarter, when compared with last year. Utilities was the only segment that posted earnings growth.
Meanwhile, its higher revenue was in line with higher offtake by customers and upward fuel gas price revision effective Jan 1, as well as higher performance based structure (PBS) income and regasification revenue.
Shipbuilder TAS Offshore Bhd has secured two contracts worth a combined RM31.6 million for the sale of two harbour tugs.
TAS Offshore said the vessels are sold to one of its existing customers and are expected to be delivered in the last quarter of 2017.
"The revenue generated from the contract is expected to contribute positively to the earnings and net assets of TAS Group for the financial years ending May 31, 2017 and 2018," it added.
Sona Petroleum Bhd has commenced liquidation proceedings today, after filing a petition to the Kuala Lumpur High Court to wind up the special purpose acquisition company and appoint liquidators.
Sona said this is in line with the company's memorandum and articles of association which provides that the company shall be dissolved, wound up and liquidated under the Act, if the company does not complete a qualifying acquisition within the permitted time frame.
On April 26, the Sona board failed to convince shareholders of the viability of the US$25 million (RM98.5 million) Stag Oilfield acquisition in Australia. Field owners Quadrant Energy Ltd and Santos Ltd subsequently notified Sona about the termination of the sale and purchase agreement, effective June 2.
Ajiya Bhd will partner with Sarawak-based IMAG Development & Construction Sdn Bhd to develop a housing project to be awarded by Prima Corporation Malaysia (PR1MA).
The safety glass and metal roll manufacturer said in a bourse filing that its subsidiary Ari Utara Sdn Bhd (ARIU) has signed a memorandum of understanding (MoU) with IMAG, to work together, secure and implement a project to be awarded by PR1MA.
It said Polybuilding Construction Sdn Bhd, which has received a letter of intent from PR1MA last month to construct 746 units of PR1MA homes comprising townhouse units with all the necessary amenities, utilities, facilities and infrastructures on a 24.88-acre leasehold land in Matang, Sarawak, "is desirous of assigning this project in total to IMAG".
IMAG is in turn interested to use Ajiya Green Integrated Building Solutions (AGIBS), which is produced by ARIU, for the project. Ajiya said ARIU has agreed to design, supply and deliver AGIBS to IMAG.
KKB Engineering Bhd’s net profit plunged 94.4% to RM374,000 or 0.15 sen per share in its second quarter ended June 30, 2016 (2QFY16), from RM6.67 million or 2.59 sen per share a year ago.
Revenue fell 9.77% to RM27.18 million in the period under review, from RM30.1 million in 2QFY15, due to lower activities in its major subsidiaries, Harum Bidang Sdn Bhd and KKB Industries (Sabah) Sdn Bhd, KKB told Bursa Malaysia.
KKB said lower activities from the two companies resulted in a reduced revenue recorded by its steel pipe manufacturing business.
In the first half ended June 30, 2016 (1HFY16), the group recorded a net loss of RM1.58 million or 0.61 loss per share, from a net profit of RM33.3 million in the corresponding period last year.
Its revenue tumbled 53.8% to RM49.3 million in 1HFY16, compared with RM106.8 million last year, KKB said.