KUALA LUMPUR (Aug 15): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

S P Setia Bhd (KL:SPSETIA) reported its highest quarterly net profit in six years, reaching RM295 million for the second quarter ended June 30, 2024, up almost seven times from RM43.1 million a year ago, thanks largely to land sales. Revenue rose 58.5% year-on-year to RM1.5 billion from RM942.7 million. No dividend was declared for the quarter. — S P Setia still upbeat on outlook after best quarter in six years

Technology products distributor VSTECS Bhd's (KL:VSTECS) net profit for the second quarter ended June 30, 2024, fell 2.58% to RM15.25 million from RM15.65 million a year earlier, due to higher operating expenses and a lower fair value gain. In a separate filing with Bursa Malaysia, the group announced it had secured the sole rights to distribute the Google Pixel 9 range of smartphones in Malaysia. — VSTECS 2Q net profit declines 2.6% on higher opex

Ranhill Utilities Bhd (KL:RANHILL) posted a 45.8% decline in net profit to RM6.53 million in the second quarter ended June 30, 2024 (2QFY2024), from RM12.06 million a year ago, due to an RM8 million profit reversal by its O&G subsidiary Ranhill Worley Sdn Bhd. Revenue decreased 5.4% to RM561.44 million from RM593.67 million, impacted by lower income from the Bidor solar project and Ranhill Worley’s engineering services, despite increased sales from its water unit, RanhillSAJ. — Ranhill's 2Q net profit nearly halves on reversal of profit recognition

Furniture company Synergy House Bhd (KL:SYNERGY) reported a net loss of RM4.77 million for the second quarter ended June 30, 2024, compared to a net profit of RM6.19 million a year earlier. This is the company’s first loss since its listing in June last year, mainly due to a RM13.4 million provision for bad debts, currency exchange losses, higher operating costs, and inventory loss from a warehouse fire. Despite this, revenue increased by 32.1% to RM77.35 million, driven by higher sales in the business-to-business and business-to-consumer segments in the US and UK. — Synergy House posts first quarterly losses on bad debt, higher operating costs

Paragon Globe Bhd (KL:PGLOBE) has secured its first serviced apartment project in Johor Bahru, with an estimated gross development value of RM1.49 billion, after its subsidiary, PGB Desa Heights Sdn Bhd, signed a deal with Tropicana Danga Bay Sdn Bhd to develop two freehold land parcels in Danga Bay.  — Paragon Globe to undertake RM1.5b GDV serviced apartment project in JB

VS Industry Bhd's (KL:VS) Philippine unit has secured a two-year contract to manufacture consumer electronics, expected to generate RM1.5 billion in revenue. The project will require RM100 million in capital expenditure, funded through internal resources. The customer is an existing client of VS Industry Philippines Inc (VSIB), though its identity remains confidential due to a non-disclosure agreement. — VS industry sees RM1.5b revenue contribution over two years from new orders in Philippines

Maxis Bhd (KL:MAXIS) has teamed up with Singaporean telecommunications conglomerate Singtel to launch Malaysia's first all-in-one platform for 5G network, edge computing, cloud and services orchestration, built on Singtel’s Paragon for telco networks. The platform aims to enhance accessibility to 5G-advanced, 5G technology and multi-cloud computing for Malaysian businesses, boosting digital transformation in sectors like manufacturing, logistics, healthcare and public services. — Maxis partners Singtel to accelerate enterprise digital transformation

Solarvest Holdings Bhd (KL:SLVEST) and NCT Group have launched phase one of their solar-ready industrial park at the NCT Smart Industrial Park in Sepang. This phase will include over 270 factories, making it the region's first solar-ready industrial park. The factories are expected to install solar PV systems with a total capacity of 36 MWp, potentially offsetting around 25,515 tonnes of carbon emissions annually. — Solarvest, NCT kick-start first phase of solar-ready industrial park

Semiconductor support services company Frontken Corp Bhd (KL:FRONTKN) reported a 4.4% increase in net profit for the second quarter ended June 30, 2024 to RM33.33 million, up from RM31.91 million a year earlier, driven by gains from its Taiwan subsidiary. Revenue rose 11.37% year-on-year to RM134.93 million from RM121.15 million. The company declared a single-tier dividend of 1.7 sen per share for the quarter. — Frontken’s 2Q net profit rises 4.4%, declares 1.7 sen dividend

Varia Bhd (KL:VARIA) has secured a RM61.45 million construction subcontract for the Sultan Azlan Shah Campus project from Kemuncak Pesaka Sdn Bhd, through its subsidiary Pembinaan Teguh Maju Sdn Bhd. Notably, Kemuncak Pesaka’s directorship includes Varia's independent non-executive director Datuk Wira Roslan Ab Rahman. The project, involving main and external building works at the Sultan Idris Education University in Tanjong Malim, Perak, will run from August 19, 2024 to March 31, 2027. — Varia wins construction subcontract worth RM61.5m