Friday 21 Jun 2024
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KUALA LUMPUR (March 21): Here is a brief recap of some business news and corporate announcements that made headlines on Thursday:

Sunway Construction Group Bhd (SunCon), through its wholly-owned Sunway Construction Sdn Bhd, has secured a RM747.8 million job with a US-headquartered multinational technology corporation for the job to construct a data centre in Selangor. The group did not provide the name and other details of the multinational corporation. Works are scheduled to commence not later than May 15 and expected to be completed by the second quarter of 2027. — SunCon secures RM748 mil job to build data centre in Selangor

Property developer Eco World Development Group Bhd (EcoWorld) reported a 22.15% rise in net profit for its first quarter, mainly due to higher interest income from the placement of excess funds by the group’s Malaysian operations. Net profit for its three months ended Jan 31, 2024 (1QFY2023) rose to RM69.63 million from RM57 million a year earlier, as revenue grew 10.95% to RM537.79 million from RM484.73 million on higher contributions from active phases as well as newly launched ones. — EcoWorld kicks off FY2024 with 22% jump in 1Q profit

Astro Malaysia Holdings Bhd saw its fourth quarter net profit drop 18.95% year-on-year amid lower revenue, while it recorded higher net financing costs, dragged by unfavourable unrealised foreign exchange losses from unhedged lease liabilities. Earnings for the quarter ended Jan 31, 2024 (4QFY2024) fell to RM44.38 million from RM54.75 million in 4QFY2023, with earnings per share sliding to 0.85 sen from 1.05 sen. Quarterly revenue fell 13.63% to RM819.85 million from RM949.26 million, primarily due to lower subscription revenue, advertising revenue, sales of programming rights and rental income, and the ceasing of its Go Shop operations, which closed on Oct 11, 2023. For its full FY2024, net profit fell 85.76% to RM36.88 million — its lowest since the group's listing in 2012 — from RM259.04 million a year ago, mainly due to lower earnings before interest, taxation, depreciation and amortisation or Ebitda. — Astro closes FY2024 with record low profit and dividend; 4Q down 19%

Top Glove Corp Bhd, the world’s biggest glovemaker by volume, will likely stay in the red in the year ending Aug 31, 2024 (FY2024) and investors should avoid buying into the stock for now, analysts said. The company reported a narrower net loss at RM51.19 million for the December 2023-February 2024 quarter (2QFY2024), bringing total net loss to RM108.91 million for its first six months. Still, that was worse than the consensus estimates, which called for a full-year net loss of RM69 million, amid lower-than-expected margins. — Top Glove will stay in the red, say analysts unconvinced of turnaround

Malaysia Aviation Group (MAG) has, for the first time since 2014, recorded an annual net profit. Earnings stood at RM766 million in 2023, compared with a net loss of RM344 million in 2022, driven by robust traffic in the premium segment, active capacity management and stronger yield for the group's passenger segment. MAG also attributed the improved performance to its intensified international network flow and deep partnership collaborations. — Malaysia Aviation Group posts first annual net profit in a decade

Telecommunication support services provider Binasat Communications Bhd has bagged a RM58.26 million contract to supply and install cable systems from Tenaga Nasional Bhd  (TNB). Binasat said the contract is for the double-circuit underground cable from Pencawang Masuk Utama (PMU or substation) Titiwangsa to PMU Genting Kelang, and from PMU Genting Kelang to PMU Kampung Lanjut. The job is expected to take about 910 days or nearly two-and-a-half years to complete. — Binasat unit clinches RM58.26 mil cable systems contract from TNB

PTT Synergy Group Bhd, through its wholly owned Pembinaan Tetap Teguh Sdn Bhd, has secured a RM299 million contract to build the Palekbang-Kota Bharu bridge and connecting roads at Jajahan Tumpat and Jajahan Kota Bharu, Kelantan. Works start next Monday and should be completed by Sept 15, 2026. It has also entered into a collaboration agreement with Prima Wahyu to explore the possibility of collaborating to secure construction works in Peninsula Malaysia’s East Coast region. — PTT Synergy bags RM299m contract to build roads, bridge in Kelantan

Construction firm MGB Bhd has secured a contract worth RM207.03 million to undertake the development of two blocks of service apartments in Sepang, Selangor. MGB accepted the project from Anuar Aziz Architect on behalf of Astana Modal Sdn Bhd. Astana Modal is an indirect subsidiary of LBS Bina Group Bhd, which is a major shareholder of MGB with a 58.65% stake, thus making the new contract a related party transaction. The group’s current outstanding order book, including the latest win, stands at about RM1.27 billion. — MGB bags RM207.03 mil property development project in Sepang

Energy services firm T7 Global Bhd is planning to raise up to RM41.56 million via a private placement of a maximum of 90.5 million shares or 10% of its enlarged share base. The proceeds to be raised will go mainly towards funding work capital for the contracts awarded by Carigali Hess Operating Company Sdn Bhd as well as Hibiscus Oil & Gas Malaysia Ltd to its wholly-owned unit Tanjung Offshore Services Sdn Bhd. For illustrative purposes, the issue price is assumed at 45.92 sen, a 10% discount to the five-day volume-weighted average price of T7 Global shares up to March 8 of 51.02 sen. — T7 Global plans to raise up to RM42 mil via private placement for working capital

Epicon Bhd‘s total outstanding order book has currently risen to RM929 million, from RM840 million as at March 18, 2024, after it secured a letter of award (LOA) for a construction contract worth RM89.1 million. Epicon said its unit Transnational Builder Sdn Bhd received the LOA from Syarikat Majuperak Bhd for the main building works of 601 units of single-storey terrace houses and four units of electrical substations in Sungai Terap, Perak. The contract period is for thirty months from March 27, 2014 until Sept 26, 2026. — Epicon’s outstanding order book rises to RM929m with latest contract worth RM89m

Master Tec Group Bhd said it was not able to explain the recent surge in its share price that reached new record highs. The electric cable maker, listed less than two months ago, said it was not aware of any corporate development that had not been previously announced in response to Bursa Malaysia’s unusual market activity (UMA) query. Shares in Master Tec hit another new all-time high on Thursday at RM1.15, after racking up a 74% gain so far this month and adding to February's 96% surge. — Master Tec says unaware of reason for share price surge

Edited ByTan Choe Choe
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