KUALA LUMPUR (Aug 1): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:
Fraser & Neave Holdings Bhd's (KL:F&N) net profit rose 22.4% to RM121.63 million for the third quarter ended June 30, 2024, from RM99.37 million a year ago, when there were one-off non-operating items. Revenue dropped 2.08% to RM1.3 billion from RM1.33 billion, which the group attributed to geopolitical uncertainties affecting exports from Malaysia and unfavourable currency translation resulting from a weakening baht. The group did not pay any dividend for the quarter. — F&N's 3Q net profit up 22% on absence of fair value loss, impairment loss
Pentamaster Corp Bhd’s (KL:PENTA) net profit fell 15.87% to RM19.9 million for the second quarter ended June 30, 2024, from RM23.65 million a year ago, as its biggest revenue contributor — the automated test equipment (ATE) segment — recorded lower sales volume, higher employee expenses, provisions for slow-moving inventories, and research and development expenditure for certain projects. Revenue dipped 3.11% to RM171.37 million from RM176.88 million. The group did not declare any dividend for the quarter. — Pentamaster's 2Q profit drops 16% as sales volume dips in automated test equipment business
CTOS Digital Bhd’s (KL:CTOS) net profit gained 20.7% to RM25.5 million for the second quarter ended June 30, 2024, from RM21.13 million a year ago, thanks to higher contribution from all customer groups, namely key accounts, commercial and direct-to-consumer. Quarterly revenue increased 23.1% year-on-year to RM76.64 million from RM62.24 million. The group declared a higher second interim dividend per share of 0.78 sen, payable on Sept 27. — CTOS’ 2Q net profit up 20.7% on higher contribution from all customer groups
YTL Hospitality Real Estate Investment Trust (KL:YTLREIT) reported a 9.7% increase in net property income (NPI) for its fourth quarter ended June 30, 2024, rising to RM65.8 million from RM59.9 million a year earlier, driven by higher contributions from both the hotel and property rental segments. Quarterly revenue grew 10.7% year-on-year to RM130.2 million from RM117.6 million. The group declared a final income distribution of 4.09 sen per unit, to be paid on Aug 30. — YTL Hospitality REIT’s 4Q NPI up 9.7%, declares 4.09 sen distribution
Singapore-based firms Jostar Investment VCC and Mark Investment Group VCC have signed share subscription agreements with Nova MSC Bhd (KL:NOVAMSC) for investments in two of the company’s subsidiaries totalling RM81.1 million. Jostar and Mark Investment will invest a total of RM34.6 million in Nova MSC’s 60%-owned subsidiary, Dex-Lab Pte Ltd, and another RM46.5 million in EyRIS Pte Ltd, which is 42% indirectly-owned by Nova MSC. — Two Singapore firms agree to invest RM81 mil in Nova MSC subsidiaries
Solar power specialist Pekat Group Bhd (KL:PEKAT) is buying a 60% stake in Apex Power Industry Sdn Bhd for RM96 million. Apex Power and its wholly-owned unit EPE Switchgear Sdn Bhd are among Malaysia’s largest manufacturers of medium voltage electrical switchgears and are also involved in manufacturing, engineering and project activities within the power sector. — Pekat buys 60% stake in local switchgears supplier for RM96m
MN Holdings Bhd (KL:MNHLDG) has secured a RM86 million contract from Tenaga Nasional Bhd (KL:TENAGA) to develop a gas-insulated substation in Pahang. The development of the 132/11 kilovolt Kg Awah substation would include remote end substation works. With this job win, the group’s outstanding order book has increased to a total value of RM654.5 million. — MN Holdings bags RM86 mil substation job from TNB
Mitrajaya Holdings Bhd’s (KL:MITRA) wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd has clinched a contract worth RM37.91 million for the construction of a four-storey building with one level of sub-basement car park in Kuala Lumpur. The company accepted the letter of award for the project with a duration of 21 months from "a local company". — Mitrajaya bags RM37.91m construction job in KL
Software developer Asdion Bhd (KL:ASDION) has been classified as a Guidance Note 3 (GN3) company. This comes after its external auditors, CAS Malaysia PLT, flagged material uncertainty that would affect the company’s ability to continue as a going concern. It is required to submit a regularisation plan to Bursa Malaysia and obtain approval to implement the plan within 12 months from Thursday. — Asdion classified as GN3 company, given 12 months to submit regularisation plan
After 21 years on Bursa Malaysia, payment service provider GHL Systems Bhd (KL:GHLSYS) is set to be delisted next week, following a successful takeover by NTT Data Japan Corp (NTTD Japan). The company received a letter from Bursa Securities stating that its shares will be removed from the official list effective 9am, Aug 6. — GHL Systems to be delisted next week after NTT Data Japan's takeover