KUALA LUMPUR (Oct 24): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Two major shareholders of Rexit Bhd (KL:REXIT) were sentenced to jail in a Singaporean court for participating in a conspiracy to illegally obtain data of over 9,000 people. According to a report by The Straits Times, Datuk Seow Gim Shen and Kong Chien Hoi pleaded guilty to one charge each of conspiring with Chinese national Sun Jiao to have the personal information of 9,369 unknown individuals supplied to them for gambling operations. The Singapore’s publication reported that Sun was allegedly linked to a global syndicate that conducted malicious cyber activities. Both Seow and Kong were each sentenced to 14 weeks’ jail on Thursday. — Two major shareholders of Rexit jailed in Singapore for illegally obtaining data from suspect in cybercrime ring

Nestlé (Malaysia) Bhd's (KL:NESTLE) net profit fell 36.12% to RM85.41 million for the third quarter ended Sept 30, 2024 (3QFY2024), from RM133.7 million a year earlier, due to lower revenue caused by a drop in domestic sales. This is the second straight quarter that the group's net profit has dropped below the RM100 million-mark, after reporting a 48.27% year-on-year drop to RM93.6 million for 2QFY2024. In the first quarter, net profit was down by a marginal 0.8% at RM195.51 million. Domestic sales were impacted by consumer hesitancy amid cautious spending and affordability concerns, the consumer goods group said. Quarterly revenue dropped 18.4% year-on-year to RM1.45 billion from RM1.77 billion. Nestle declared a second interim dividend of 35 sen per share, half the 70 sen dividend paid a year earlier. The dividend will be paid on Dec 12, and brings the year-to-date payout to RM1.05 sen per share, compared with RM1.40 previously. — Nestlé Malaysia halves dividend to 35 sen as 3Q net profit falls 36%

Technology company ViTrox Corp Bhd (KL:VITROX) saw its net profit for the third quarter ended Sept 30, 2024 (3QFY2024) fall 32.5% to RM22.45 million from RM33.25 million a year earlier amid a weak US dollar, which led to a notable unfavourable foreign exchange loss. Quarterly revenue saw a marginal 2.2% drop to RM146.7 million from RM150 million a year earlier, due to slow demand recovery, causing ViTrox to experience temporary soft demand for automated board inspection. No dividend was proposed for the quarter under review. — Forex loss drags ViTrox’s 3Q net profit down 33%

Pavilion Real Estate Investment Trust (KL:PAVREIT) saw its net property income rise 8.65% to RM131.86 million for the third quarter ended Sept 30, 2024 (3QFY2024), from RM121.35 million a year ago, due to lower property operating expenses, primarily driven by the reversal of doubtful debts provision. Quarterly revenue grew 4% to RM207.26 million from RM199.21 million, mainly contributed by higher rental income and income from marketing events and the exhibition centre at Pavilion Bukit Jalil. The distribution per unit increased to 2.38 sen per unit, from 2.15 sen per unit in the corresponding period last year. This raised total DPU for the nine months ended Sept 30, 2024 to 6.91 sen, compared with 6.56 sen previously. — Pavilion REIT’s 3Q net property income rises 8.6%; distributes 2.38 sen per unit

CapitaLand Malaysia Trust (KL:CLMT) posted a 6.3% increase in its third quarter net property income (NPI) from last year’s corresponding period, underpinned by better NPI from Gurney Plaza, Queensbay Mall, East Coast Mall and Valdor Logistics Hub. CLMT's NPI for the third quarter ended Sept 30, 2024 (3QFY2024) increased to RM61.99 million from RM58.32 million in 3QFY2023, while gross revenue grew 5.4% to RM109.24 million from RM103.64 million. Gross revenue was higher due to positive rental reversions and higher occupancies. The real estate investment trust (REIT) announced a distribution of 1.07 sen per unit, up from 1.05 from last year, raising its DPU for the first nine months of FY2024 (9MFY2024) ended Sept 30 to 3.43 sen, compared with 2.98 sen in 9MFY2023. — CapitaLand Malaysia Trust's 3Q NPI up 6.3%, announces higher DPU of 1.07 sen

DXN Holdings Bhd (KL:DXN) reported a 13.2% drop in net profit for the second quarter ended Aug 31, 2024 (2QFY2025) to RM65.97 million, from RM76.01 million a year ago, hurt by foreign exchange losses, as well as higher employee benefit costs and shipping costs. For the quarter under review, the health and wellness direct selling company, which was listed in May 2023, posted a record high in quarterly revenue of RM488.43 million. This marked a 6.6% increase, compared with RM458.31 million in revenue reported last year. The revenue growth was driven by sales increases in Peru and Bolivia, as direct sales members pulled forward purchases ahead of a scheduled price hike. The company declared a dividend per share of 0.8 sen for 2QFY2025, lower than the 0.9 sen announced a year ago, payable on Nov 29. — Higher shipping costs, forex loss drag DXN’s 2Q net profit down 13%

Plastic material and resin manufacturer Luxchem Corp Bhd’s (KL:LUXCHEM) net profit for the third quarter fell by more than 26%, mainly due to higher administrative expenses. Net profit for the three months ended Sept 30, 2024 (3QFY2024) was RM6.67 million, compared with RM9.07 million a year ago. However, revenue rose by 18.29% to RM196.09 million from RM165.78 million, thanks to both the trading and manufacturing segments. No dividend was declared for the quarter. — Luxchem’s 3Q net profit down 26% on higher admin expenses

Engineering services provider AWC Bhd (KL:AWC), via its wholly-owned subsidiary Ambang Wira Facilities Sdn Bhd, has bagged a RM9.4 million contract from the Melaka Public Works Department to provide facilities management and maintenance service for the immigration, custom, quarantine and security complex in Sungai Melaka. The contract is for 60 months, commencing from Nov 1, 2024 to Oct 31, 2029. — AWC bags RM9.4m job for immigration complex in Sungai Melaka

Construction outfit SC Estate Builder Bhd (KL:SCBUILD) said the termination of a contract worth RM4.3 million to build affordable houses with solar power on the roofs by Merchant Esteem Sdn Bhd (MESB) was due to a decision by MESB's new management, which has acknowledged that ongoing uncertainties in the commercial property market and low demand would impact the construction and sales of shophouses. "The percentage of completion of the contract to date is 20%. There is no payment due to SC Estate Builder by MESB," it said. The mutual termination of the contract is not expected to have a material impact on SC Estate Builder's earnings and net assets for the financial year ending July 31, 2025. — SC Estate Builder aborts RM4.3m job with Merchant Esteem due to 'management change'