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

IJM Corp’s (KL:IJM) proposed RM124 million acquisition of a 44.83% stake in Pestech International (KL:PESTECH) has been called off due to unmet conditions in the agreement. Despite this, Pestech’s joint venture with IJM for the KLIA aerotrain project remains unaffected. Pestech is now exploring alternative funding options amid financial challenges. — IJM aborts deal to buy 44.85% stake in Pestech; KLIA aerotrain JV still on

Datuk Shahriman Shamsudin, managing director of Sapura Resources Bhd (KL:SAPRES), has been instructed to abstain from managing the group's aviation business to avoid a conflict of interest, as he is also involved with another aviation-related company Explorer Group Sdn Bhd. In response, Sapura Resources has formed a Board Aviation Management Committee to take over his duties. — Sapura Resources' MD Shahriman to abstain from managing the group's aviation business

Consumer financing firm RCE Capital Bhd's (KL:RCECAP) net profit dropped 17.8% to RM30.3 million in 1QFY2025 from RM36.9 million a year earlier, mainly due to higher impairment losses on receivables. Revenue also declined by 5.8% to RM79.1 million from RM84 million in 1QFY2024, despite a slight increase in profit income. No dividend was declared for the quarter. — Higher impairments weigh on RCE Capital net profit, falls 17.8% in 1QFY2025

Integrated chemicals and lubricants distributor Samchem Holdings Bhd's (KL:SAMCHEM) net profit for 2QFY2024 dropped 6.3% to RM5.06 million from RM5.4 million a year ago due to lower gross profit margins. Revenue grew 8% to RM298.43 million from RM276.24 million a year ago, on higher sales volume. The group declared a second interim dividend of 0.5 sen per share for the quarter. — Samchem 2Q net profit down 6%, declares 0.5 sen dividend

S P Setia Bhd (KL:SPSETIA) has initiated arbitration proceedings against Putrajaya Holdings Sdn Bhd, seeking RM69.53 million in damages for breach of contract. The dispute arises from a 2002 development agreement involving lands in Putrajaya, where Setia Putrajaya Development Sdn Bhd, a 60% joint venture, claims to have suffered losses due to PJH's breach. — S P Setia’s JV unit claims RM70m from Putrajaya Holdings for breach of contract

Dialog Group Bhd (KL:DIALOG) reported a 9% increase in net profit to RM138.4 million for 4QFY2024 from RM126.8 million a year earlier, driven by higher upstream production. Quarterly revenue rose 17.4% year-on-year to RM810.1 million from RM690 million.  The group declared a final dividend of 2.8 sen, bringing the total FY2024 payout to 4.3 sen. — O&G firm Dialog 4Q profit rises 9% on higher upstream output

Keyfield International Bhd (KL:KEYFIELD) more than doubled its net profit to RM70.04 million in 2QFY2024 compared to RM30.16 million over the same period a year earlier. Adjusted net profit would be RM77.1 million, excluding non-cash and non-recurring expenses. Revenue surged 87% year-on-year to RM198.98 million from RM106.56 million. The company declared a second interim dividend of three sen per share, payable on Sept 13, 2024. — Keyfield more than doubles 2Q net profit, flags upcycle amid tight supply

Duopharma Biotech Bhd (KL:DPHARMA) reported a 33.1% increase in net profit to RM16.69 million in 2QFY2024, from RM12.54 million a year ago. Revenue rose 30.3% to a record RM218.32 million from RM167.52 million in 2QFY2023, mainly from strong performance in the prescription market. The company declared a first interim dividend of one sen per share for FY2024, up from 0.5 sen in 2QFY2023, payable on September 12. — Duopharma Biotech 2Q net profit up 33%, pays one sen dividend

Sunway Real Estate Investment Trust (KL:SUNREIT) reported an 11.3% increase in net property income (NPI) to RM129.3 million in 2QFY2024, from RM116.2 million a year ago, driven by an enlarged property portfolio and improved retail and hotel segment performance. Quarterly revenue rose 5.4% to RM175.6 million, while net profit more than doubled to RM145.1 million due to a fair value gain from the acquisition of six hypermarkets. For 1HFY2024, NPI increased by 2.1% to RM259.8 million, and the REIT declared a distribution per unit of 4.66 sen, up slightly from 4.62 sen last year. — Enlarged portfolio boosts Sunway REIT's NPI by 11% in 2Q

Boustead Heavy Industries Corp Bhd (KL:BHIC) said that its 51%-owned joint venture, BHIC AeroServices Sdn Bhd (BHICAS), has received a RM378 million contract from the Malaysian Ministry of Defence to support and maintain the Royal Malaysian Air Force's EC725 helicopters. The contract, effective from the date of LOA acceptance and signing, is set for five years. A formal contract will be finalised later. — BHIC unit bags RM378m contract for RMAF chopper support

Consumer credit company ELK-Desa Resources Bhd (KL:ELKDESA) reported a 4% decline in net profit to RM8.14 million for the first quarter ended June 30, 2024 (1QFY2025), from RM8.5 million a year ago. Revenue grew 17% to RM45.88 million, driven by increased contributions from its hire purchase and furniture segments. No dividend was declared for the quarter. — ELK-Desa posts marginally lower net profit in 1QFY2025