KUALA LUMPUR (May 28): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Kerjaya Prospek Group Bhd (KL:KERJAYA) has bagged a contract worth RM567.73 million in Penang. The group said its unit Future Rock Sdn Bhd had accepted a letter of award from Tanjung Pinang Development Sdn Bhd (TPD) for the execution and completion of reclamation and dredging works for Seri Tanjung Pinang (Phases 2B and 2C) development Penang. TPD is an indirect subsidiary of Eastern & Oriental Bhd (KL:E&O). — Kerjaya Prospek bags RM568 mil contract in Penang

Pesona Metro Holdings Bhd (KL:PESONA) has secured a RM410.5 million contract to undertake the construction of two blocks of 52-storey apartments in Bukit Jalil. The construction outfit said the contract was awarded by Gaya Kuasa Sdn Bhd, which is 68%-owned by Chin May Yong, who is the spouse of Pesona’s major shareholder and non-executive director Wie Hock Kiong. Chin also serves as a director at Pesona’s major shareholder Kombinasi Emas Sdn Bhd. The new job win, with a value significantly higher than Pesona’s market value of RM128.57 million, is expected to contribute positively to the group’s earnings and enhance its net assets during the period. — Pesona Metro secures RM411m apartment construction job in Bukit Jalil

KIP Real Estate Investment Trust (KL:KIPREIT), which mainly manages retail properties, plans to acquire seven-floor DPulze Shopping Centre for RM320 million. The acquisition, which will enlarge its total assets by nearly 34% to RM1.29 billion, will be funded by a combination of bank borrowings and proceeds from a planned private placement. The acquisition, which is the REIT's largest acquisition since its listing on the Main Market of Bursa Malaysia in 2017, is scheduled to be completed by the first quarter of 2025. — KIP REIT to acquire DPulze Shopping Centre for RM320 mil

Inta Bina Group Bhd (KL:INTA) has bagged a construction contract worth RM198.73 million to develop a residential apartment project in Ara Damansara, Petaling Jaya. The construction group said the contract was awarded by Sime Darby Property (Ara Damansara) Sdn Bhd, a wholly-owned subsidiary of Sime Darby Property Bhd (KL:SIMEPROP). The project involves the construction of two blocks of 18-storey apartments and one block of 23-storey apartments, consisting of a total of 450 residential units. The construction period would be 34 months from the commencement date on June 10. — Inta Bina bags fourth construction contract of the year worth RM199 mil

Construction firm MGB Bhd (KL:MGB) has secured a contract worth RM189.35 million to undertake a multi-phase property development project in the Kuala Selangor district. The project was awarded by Anuar Aziz Architect on behalf of Kemudi Ehsan Sdn Bhd, said MGB in a bourse filing. Kemudi Ehsan is an indirect subsidiary of LBS Bina Group Bhd, which is a major shareholder of MGB with a 58.65% stake, thus making the contract a related-party transaction. MGB said the contract is for the development of a five-phase property development project in Ijok, with the first phase comprising 38 single-storey low-cost industrial terrace units and 96 two-storey terraced factories. — MGB wins RM189m property development project in related-party deal

Kimlun Corp Bhd (KL:KIMLUN) has secured a construction contract worth RM143.01 million for a serviced apartment project in Johor Bahru. The Johor-based construction company said its wholly-owned Kimlun Sdn Bhd had accepted the award for the contract from Melia Spring Sdn Bhd, a subsidiary of Eco World Development Group Bhd (KL:ECOWLD), for the project's main building works. The project is expected to be completed in the fourth quarter of 2026. — Kimlun secures third construction contract of the year worth RM143m

Independent power producer YTL Power International Bhd (KL:YTLPOWR) and smaller rival Ranhill Utilities Bhd (KL:RANHILL) have both requested for their shares to be suspended from 9am on Tuesday, pending an announcement. Trading in the structured warrants relating to Ranhill will also be suspended. YTL Power emerged as a substantial shareholder of Ranhill on Nov 1, 2023 after it acquired 243.33 million shares, equivalent to an 18.87% stake, from Cheval Infrastructure Fund LP. Following the announcement, speculation was rife that YTL Power is eyeing a controlling stake in Ranhill, given Ranhill's exclusive rights to Johor's water supply and its exposure in the Sabah power sector. — Shares of YTL Power, Ranhill to be suspended on Tuesday pending announcement

Bursa Malaysia has publicly reprimanded and imposed a fine of RM500,000 on Chean Meng Hee, a former executive director of Advance Information Marketing Bhd (KL:AIM), for breaching ACE Market listing requirements (ACE LR). In a statement on Monday, Bursa said Chean breached rule 16.13(a) of the ACE LR, causing AIM to violate several provisions, including rule 12.18(b), by reselling 24.1 million treasury shares at a discounted price exceeding 5% of the weighted average market price on Oct 5, 2021. Additionally, Chean caused AIM to breach rule 12.20 by only announcing the resale to Bursa on Oct 6, 2021, and violated rule 9.355(1)(a) by making inaccurate announcements about the resale prices. — Bursa fines ex-AIM executive director RM500,000 for breaching listing rules

AMMB Holdings Bhd's (KL:AMBANK) net profit for the financial year ended March 31, 2024 (FY2024) rose 9.4% year-on-year to RM1.87 billion from RM1.71 billion despite lower revenue of RM4.65 billion versus RM4.71 billion. The bank said net profit for the fourth quarter rose 11% to RM476.54 million from RM427.39 million, on the back of revenue of RM1.17 billion against RM1.16 billion, driven by higher non-interest income (NOII). AMMB declared a dividend of 16.6 sen per share, to be paid on July 11. — AMMB posts 9% rise in FY2024 net profit, declares 16.6 sen dividend

AirAsia X Bhd (KL:AAX), which is in the process of taking over its sister company Capital A Bhd's (KL:CAPITALA) aviation business, has reported a 75.6% decline in first quarter net profit due to elevated operating expenses despite a jump in revenue. Some of the significant increase in expenses included staff costs, aircraft fuel expenses, maintenance and overhaul, user charges and aircraft lease expenses. As a result, net profit for the quarter ended March 31, 2024 came down to RM80.12 million, from RM327.99 million a year earlier. In contrast, quarterly revenue rose 65.6% to RM908.92 million from RM548.84 million, primarily generated by increased ticket sales and ancillary revenue. — AAX 1Q net profit down 76% on higher operating expenses but still eyes new destinations

Guan Chong Bhd (KL:GCB), the world’s fourth-largest cocoa grinder, announced that net profit for the first quarter ended March 31, 2024 jumped almost fourfold year-on-year, thanks to higher selling price for cocoa butter and increased sales volume for cocoa solids. Net profit for 1QFY2024 climbed to RM92.04 million or 7.83 sen per share from RM23.76 million or 2.02 sen per share. Revenue grew by nearly 70% to RM1.87 billion, from RM1.1 billion a year ago. No dividend was declared for the quarter. — Guan Chong posts record-high quarterly net profit of RM92 mil in 1Q

Dutch Lady Milk Industries Bhd (KL:DLADY) said its first quarter net profit more than tripled from a year earlier on higher operating profit, due to higher revenue and lower dairy raw material costs. Net profit for the three months ended March 31, 2024 was RM26.66 million compared with RM8.52 million over the same period last year. Quarterly revenue rose 2.39% year-on-year to RM362.77 million from RM354.31 million, primarily driven by carry-over effect of price increases implemented in 2023, as well as specific price increase on one of the product ranges. The group announced an interim dividend of 25 sen per share. — Dutch Lady's 1Q net profit more than triples amid lower dairy raw materials costs, pays 25 sen dividend

D&O Green Technologies Bhd (KL:D&O) posted a 13-fold jump in its net profit for the first quarter ended March 31, 2024 as higher capacity utilisation, coupled with better cost management, improved the automotive light-emitting diode (LED) manufacturer’s gross margin. Net profit rose to RM11.28 million from RM863,000 a year ago, lifted by a 27.5% increase in revenue to RM273.74 million from RM214.72 million previously. — D&O 1Q net profit jumps 13-fold on improved margin

Keyfield International Bhd (KL:KEYFIELD), an oil and gas (O&G) services provider listed just last month, reported its net profit more than quadrupled in the first quarter from a year earlier, thanks to higher vessel utilisation and charter rates. Net profit for the three months ended March 31, 2024 was RM30.3 million compared to RM7.41 million a year earlier. Revenue surged 92% year-on-year to RM106.39 million from RM55.4 million. Keyfield declared its first interim dividend of one sen per share, amounting to RM8 million. — Newly-listed Keyfield quadruples net profit in 1Q on higher vessel use, charter rates

Pharmaniaga Bhd (KL:PHARMA) returned to the black after two consecutive quarters of losses, thanks to higher revenue and cost control measures that lowered expenses. Net profit for the three months ended March 31, 2024 was RM25.65 million, a nine-time jump compared to RM2.65 million over the same period a year ago. Revenue for the quarter rose 9.6% year-on-year to RM964.96 million from RM880.45 million, boosted by demand in the concession segment and Indonesian business. No dividend was declared for the quarter. — Pharmaniaga returns to the black after two quarters of losses