KUALA LUMPUR (Dec 15): Based on corporate announcements and news flow today, companies that may be in focus on Friday (Dec 16) could include: Kuantan Flour Mills Bhd, Top Glove Corp Bhd, Tenaga Nasional Bhd, Gromutual Bhd, YNH Property Bhd, Hiap Teck Venture Bhd, Superlon Holdings Bhd, TAS Offshore Bhd.
Kuantan Flour Mills Bhd (KFM) announced that the Federal Land Consolidation and Rehabilitation Authority (Felcra) has retracted its register of interest to explore and possibly participate in KFM’s equity.
In a filing with Bursa Malaysia today, KFM said that Felcra sent a letter of retraction yesterday.
On Tuesday, KFM in a filing to Bursa, said Felcra was considering taking up a stake in the company.
KFM fell into the Practice Note 17 category in December last year due to its poor financial performance, as its shareholders equity on a consolidated basis was 25% or less of the issued and paid-up capital of RM40 million.
Top Glove Corp Bhd’s net profit for the first quarter ended Nov 30, 2016 (1QFY17) fell 42.9% to RM73.32 million, from RM128.3 million a year earlier, due mainly to reduced profit from operations.
The group’s revenue for 1QFY17 eased 1.8% to RM785.6 million, from RM800.3 million registered a year ago, due to a lower average selling price and weaker greenback during the quarter.
In a filing with Bursa Malaysia today, the group stated that year-on-year, the volume of sales rose by 7% versus the previous year’s corresponding period, but it had felt the impact of the 24% hike in the natural gas tariff and 11% increase in minimum wage implemented recently.
Tenaga Nasional Bhd will focus on renewable energy (RE) and global expansion, combined with smarter grid and value-added customer products.
According to its president and chief executive officer Datuk Seri Azman Mohd, the utility giant intends to invest domestically in solar, wind, biomass, biogas and mini hydro projects.
The group is offtaking 5,777 RE projects in Peninsular Malaysia.
These growth pillars, formulated under a 10-year strategic plan, are based on major trends affecting the industry, i.e. the shift in economic power to Asia, technology disruptions, the end of cheap capital and evolving regulatory developments.
Gromutual Bhd said it has acquired six pieces of land in Batu Pahat, Johor, for a total consideration of RM11.1 million via its three wholly-owned subsidiaries, namely Prairie Development Sdn Bhd (PDSB), Sakae Corp Sdn Bhd (SCSB) and Simpang Maju Enterprises Sdn Bhd (SMESB), which it will pay for in cash.
In its filing, the company said PDSB had acquired a 3.6ha piece of freehold industrial land for RM3.5 million and a 3.96ha piece of agricultural land for RM4 million.
SCSB purchased two pieces of agricultural land measuring 1.123ha and 1.0142ha for RM800,000 each.
Meanwhile, SMESB acquired a 1.2444ha piece of agricultural land and another 1.2343 ha piece of land for RM1 million each.
YNH Property Bhd (YNH) is planning to sell one of its medical institutions, Pantai Hospital Manjung in Perak to Pantai Medical Centre Sdn Bhd (PMC), which is expected to bring RM63 million into the company.
The group, through its wholly-owned subsidiary YNH Hospitality, said it is currently in talks with PMC for the sale of the five-storey hospital facility.
Hiap Teck Venture Bhd narrowed its net loss in the first quarter of financial year ended Oct 31, 2016 (1QFY17) to RM958,000 compared with a net loss of RM37.2 million in the corresponding period a year ago, mainly due to improved margins and a lower share of losses from a jointly controlled entity of RM25.2 million in 1QFY17.
The Group’s revenue was lower by 12.1% at RM279.1 million in 1QFY17 from RM317.4 million in 1QFY16.
According to Foo Kok Siew, executive director of Hiap Teck, the catalyst for growth in financial year ending July 31, 2017 (FY17) will be from improvement in margins as well as growth in the construction sector.
Superlon Holdings Bhd’s net profit in the second quarter ended Oct 31, 2016 (Q2FY17) rose 5% to RM5.04 million or 6.35 sen per share, from RM4.8 million or 6.04 sen per share a year earlier, mainly on improved earnings from its manufacturing division.
Revenue, however, slipped 0.3% to RM22.3 million, from RM22.4 million a year ago, its bourse filing today showed.
The group declared a second single-tier interim dividend of 2.5 sen per share for the financial year ending April 30, 2017, which will be payable on Jan 19 next year.
For the cumulative six months of FY17 (1HFY17), Superlon's net profit grew 28.2% to RM11.09 million or 13.97 sen per share, from RM8.65 million or 10.90 sen per share a year earlier.
Revenue gained 7.8% to RM47.92 million, from RM44.46 million a year ago.
TAS Offshore Bhd said it has secured a contract for the sale of a landing craft (seagoing vessels used to convey infantry and vehicles from sea to shore) worth RM17.29 million, which will be delivered in the second quarter of 2017.
TAS, which is involved in shipbuilding and repairing, sank into the red in its first quarter ended Aug 31, 2016 (1QFY17), with a net loss of RM1.13 million, compared with a net profit of RM8.73 million a year earlier, as revenue slumped 97% to RM2.25 million, from RM75.52 million.
The company also reported its first annual loss for the financial year ended May 31, 2016 (FY16) of RM21.86 million due to high inventories, as demand for vessels remain subdued, amid the challenging oil and gas industry.
TAS fell one sen or 4% to 24 sen, giving it a market capitalisation of RM43.9 million.
http://www.theedgemarkets.com/my/article/kuantan-flour-mills-top-glove-tenaga-nasional-gromutual-ynh-property-hiap-teck-venture
