KUALA LUMPUR (Oct 30): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Symphony Life Bhd’s (KL:SYMLIFE) former chief financial officer Ng Ying Yiing and former group adviser Datuk David Goh were charged at the Sessions Court in Shah Alam for using RM2.57 million in company funds to purchase shares in Cycle and Carriage Bintang Bhd (CCB), without board approval. This was done from the period of June 28, 2021 and June 30, 2024, according to the charge sheet. The pair were charged under Section 218 of the Companies Act 2016 together with Section 34 of the Penal Code. However, the Industrial Court separately said that Symphony Life's CEO Chin Jit Pying authorised the purchase, according to a judgement dated Oct 24 over Ng's successful claim of unlawful dismissal following the incident. — Symphony Life's ex-CFO, adviser charged for using company funds to buy Cycle and Carriage Bintang shares

Frontken Corp Bhd (KL:FRONTKN) net profit surged 32% in its latest quarter ended September, as strong demand for its products drove revenue and utilisation higher at its Taiwan facility. The group, which is involved in the provision of services for semiconductor industries, saw net profit of RM35.32 million in the third quarter of its financial year ending Dec 31, 2024 (3QFY2024), its best ever, up from RM26.75 million a year ago. Quarterly revenue also rose 8.08% to a record RM144.31 million, from RM133.52 million in 3QFY2023. No dividend was declared for the quarter. — Frontken sees sustained semiconductor demand after record quarter

Unisem (M) Bhd’s (KL:UNISEM) net profit grew 48% year-on-year (y-o-y) and 60% quarter-on-quarter (q-o-q) in the quarter ended Sept 30, 2024 (3QFY2024), which it attributed to higher sales volume and foreign exchange gains. The semiconductor device manufacturer recorded RM26.75 million in net profit for the quarter, compared with RM18.01 million in 3QFY2023 and RM16.76 million in 2QFY2024. Revenue grew 15% y-o-y to RM409.74 million, its highest since the last semiconductor upcycle in 4QFY2022.  It declared a dividend of two sen per share for the quarter payable on Dec 20, bringing 9MFY2024 dividend to six sen per share, unchanged from a year ago. — Unisem extends earnings rebound in 3Q, maintains two sen dividend

General insurer LPI Capital Bhd’s (KL:LPI) net profit rose 27% in the third quarter ended Sept 30, 2024 (3QFY2024) from a year earlier, thanks to higher investment returns and lower reinsurance expenses. Net profit for 3QFY2024 stood at RM123.94 million. Revenue for the quarter, however, was barely higher year-on-year at RM499.83 million, amid a drag from currency translation of its Singapore operations following the ringgit's appreciation. No dividend was declared for the quarter. — LPI Capital's 3Q net profit rises 27% on higher investment returns, lower reinsurance expenses

Infoline Tec Group Bhd (KL:INFOTEC) reported a 54.6% increase in net profit for the third quarter, driven by strong contributions from its managed IT services segment and the successful delivery of key IT infrastructure and cybersecurity projects. Net profit for the three months ended Sept 30, 2024 (3QFY2024) was RM8.04 million, compared to RM5.2 million in the same period a year earlier, as revenue surged 86.8% to RM30.45 million from RM16.3 million. This is Infoline’s highest quarterly earnings since its debut on the ACE Market in July 2022. The group also declared an interim single-tier tax-exempt dividend of 0.79 sen per share to be paid on Nov 28. — Infoline books highest quarterly earnings since listing; declares 0.79 sen dividend

Integrated logistics solutions provider Tasco Bhd (KL:TASCO) flagged a challenging operating environment ahead after its net profit fell 48.7% to RM8.13 million for its second financial quarter ended Sept 30, 2024 (2QFY2025) from RM15.85 million a year earlier, on the back of lower contribution from its supply chain solutions (SCS) division within the international business solution (IBS) segment. Quarterly revenue, however, rose 8.1% to RM295.69 million from RM273.63 million on 2QFY2024, driven by its IBS segment. No dividend was declared for the quarter. — Tasco 2Q net profit down 49%, sees challenging operating environment ahead

Telekom Malaysia Bhd (KL:TM) has appointed Ahmad Fairus Rahim as its new group chief financial officer, effective Nov 1. Ahmad Fairus, 45, is succeeding Razidan Ghazalli, 61, who retired on the expiration of his contract after nearly five years in the role. Ahmad Fairus has over 20 years of experience delivering high-quality commercial finance and accounting support within the telecommunications industry, TM said. — TM promotes Ahmad Fairus Rahim as new finance chief

Kumpulan Kitacon Bhd (KL:KITACON), via its wholly-owned Kitacon Sdn Bhd, has secured a contract worth RM131.9 million to build terraced houses in Bandar Puncak Alam, Ijok, Selangor, for Tropicana Alam Sdn Bhd, a unit of Tropicana Corp Bhd (KL:TROP). Under the 24-month contract that will begin on Nov 1, it will build 449 units of 20'x70' double-storey terraced house, 31 units of 22'x70' double-storey terraced house, and two power substations. — Kumpulan Kitacon secures RM131.9 mil residential buildings job from Tropicana unit

Chin Teck Plantations Bhd (KL:CHINTEK) on Tuesday said its fourth quarter net profit surged 64.32% from the year before, thanks to higher sales volume and average selling prices (ASP) of fresh fruit bunches (FFB), crude palm oil (CPO) and palm kernel. Net profit for the three months ended Aug 31, 2024 (4QFY2024) was RM22.53 million as compared to RM13.71 million in 4QFY2023, according to its filing. Earnings per share rose to 24.66 sen from 15.01 sen. Revenue for the quarter jumped 69.09% to RM83.77 million from RM49.54 million in the same quarter last year. The group said that it anticipates the current trend in the ASP of CPO to persist. — Chin Teck Plantations sees CPO prices to sustain after 4Q profit lifted by 64%

Technology company Techna-X Bhd (KL:TECHNAX) said it is unable to release its annual report for the financial period ended June 30, 2024 to Bursa Securities and shareholders by Thursday (Oct 31). It did not disclose the reason why. Techna-X said pursuant to Bursa Securities' Main Market listings requirements, trading in its securities will be suspended if the company fails to issue the annual report 2024 within five market days, that is, Nov 7. — Techna-X unable to submit annual report on time, faces trading suspension