Hextar Global, MAHB, PetGas, Gadang, Guan Chong, Pelikan, OpenSys, MMC Corp, PMB Technology, Taliworks, Tiong Nam, Tropicana Corp, MYEG, Radiant Globaltech, PetDag and Boilermech
KUALA LUMPUR (Aug 23): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Aug 24) include Hextar Global Bhd, Malaysia Airports Holdings Bhd, Petronas Gas Bhd, Gadang Holdings Bhd, Guan Chong Bhd, Pelikan International Corp Bhd, OpenSys (M) Bhd, MMC Corp Bhd, PMB Technology Bhd, Taliworks Corp Bhd, Tiong Nam Logistics Holdings Bhd, Tropicana Corp Bhd, MY EG Services Bhd, Radiant Globaltech Bhd, Petronas Dagangan Bhd and Boilermech Holdings Bhd.
Hextar Global Bhd's net profit fell 32.97% to RM7.44 million in the second quarter ended June 30, 2021, from RM11.11 million a year before, due to its quarterly revenue slipping 2% to RM98.7 million from RM100.72 million a year earlier, and lower gross profit margin driven by higher raw material prices and overhead costs.
Malaysia Airports Holdings Bhd (MAHB) said its second quarter net loss widened to RM226.09 million from RM91.07 million a year earlier despite revenue increasing to RM323.42 million from RM272.18 million, helped mainly by a significant rise in revenue from its Turkey operations. The widened net loss was attributed to, among others, higher asset depreciation and amortisation at a time when the global aviation sector contended with the impact of Covid-19 pandemic-led movement restrictions which resulted in a contraction in the number of passengers across its network of airports in the first half of the year compared with a year earlier.
Petronas Gas Bhd's (PetGas) net profit for the second quarter ended June 30, 2021 declined 19% to RM439.07 million from RM547.1 million a year earlier, caused by higher operating costs incurred by its gas processing, gas transportation and regasification segments from depreciation, maintenance and internal gas consumption. Revenue was marginally down by 1% at RM1.38 billion from RM1.4 billion previously, due to lower revenue contribution from its utilities segment, which came in line with lower product prices despite higher sales volume.
Construction engineering company Gadang Holdings Bhd's wholly-owned subsidiary Gadang Land Sdn Bhd has entered into a sale and purchase agreement with SkyRia Development Sdn Bhd to dispose of a 38,451-sq-m leasehold land, which comes with a development order and building plan approval for two 22-storey blocks of apartment comprising 479 units, for a purchase price of RM43 million.
Guan Chong Bhd's net profit for the second quarter ended June 30, 2021 fell 36% to RM36.39 million from RM56.98 million in the corresponding quarter a year ago, as the group recorded a dip in revenue and lower profit margin. Its revenue slipped 4% to RM876.23 million from RM910.78 million, which the cocoa manufacturer said was due to a decline in the sales volume of cocoa products.
Pelikan International Corp Bhd posted a net profit of RM17.95 million for the second quarter, compared with a net loss of RM12.72 million in the preceding quarter, as revenue jumped 41.95% to RM287.33 million from RM202.41 million, on higher sales of school products due to the back-to-school season in Europe.
OpenSys (M) Bhd's net profit for the second quarter ended June 30, 2021 rose 7.46% to RM2.77 million from RM2.57 million a year ago, thanks to a favourable product mix where contributions from higher-margin maintenance of cash-recycling ATMs, software solutions and business process outsourcing in the bill payment kiosks and cheque processing segment climbed 23.6% to RM14 million, compared with RM11.4 million previously. Quarterly revenue, however, dropped to RM14.67 million from RM20.06 million.
MMC Corp Bhd recorded a 124.62% jump in net profit for the second quarter ended June 30, 2021 to RM173.76 million, from RM77.36 million a year earlier, as revenue grew 15.98% to RM1.15 billion, from RM990.68 million, on the back of higher volumes handled across all ports.
PMB Technology Bhd saw its net profit soar more than eight times to RM11.58 million in the second quarter ended June 30, 2021 from RM1.37 million a year ago, aided by improved contributions by its manufacturing & trading and construction & fabrication segments. Revenue for the quarter also swelled more than two times to RM178.25 million from RM84.87 million a year earlier.
Taliworks Corp Bhd's net profit rose 7.39% to RM12.57 million in the second quarter ended June 30, 2021, from RM11.7 million a year prior, due to higher contributions from its associate SWM Environment Holdings Sdn Bhd and joint venture, coupled with lower financing costs, following the redemption of an Islamic medium term note. Its quarterly revenue fell 18.64% to RM61.92 million from RM76.1 million due to lower contributions from water treatment, supply and distribution and construction businesses.
Tiong Nam Logistics Holdings Bhd reported a net profit of RM1.55 million for the first quarter ended June 30, 2021, versus a net loss of RM5.53 million a year earlier, driven by stronger demand for the group's logistics and warehousing services from existing and new customers. Quarterly revenue jumped 35.7% to RM166.91 million from RM122.99 million in the previous year.
Property developer Tropicana Corp Bhd has proposed to undertake a private placement of up to 144.74 million new shares or 10% of its total issued shares to be placed out to third-party investors at an issue price to be fixed at a later date to raise up to RM120.13 million, which will be mainly used to fund existing projects and for working capital.
MY EG Services Bhd's (MYEG) net profit rose 5.77% to RM80.68 million for the second quarter ended June 30, 2021 from the RM76.28 million it made in the immediate preceding quarter, despite its revenue slipping 5.68% quarter-on-quarter to RM161.73 million from RM171.46 million, as it saw higher transaction volumes from its Covid-19 screening and quarantine services under MySafeTravel and MySafeQuarantine.
Retail technology solutions provider Radiant Globaltech Bhd has reported a net profit of RM1.13 million for the second quarter ended June 30 2021, versus a net loss of RM506,000 a year earlier, as its quarterly revenue surged 165.5% to RM32.91 million, from RM12.4 million previously, on the back of higher contributions from its hardware and maintenance, as well as software segments.
Petronas Dagangan Bhd's (PetDag) net profit jumped more than 23-fold to RM82.14 million in the second quarter ended June 30, 2021 from RM3.51 million in the previous financial year's corresponding quarter, on the back of higher gross profit as a result of improved oil prices and volume. Quarterly revenue soared 75.46% to RM5.14 billion in the current quarter compared with RM2.93 billion a year before.
Boilermech Holdings Bhd's net profit for the first quarter ended June 30, 2021 dropped 16.35% to RM5.46 million, from RM6.53 million in the immediate preceding quarter, as the lockdown restricted the group's business operations. Quarterly revenue fell 6.66% to RM70.91 million, from RM75.97 million in the preceding quarter, on lower revenue of the water treatment and solar energy segments caused by lower project deliveries.