KUALA LUMPUR (Nov 8): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Maxis Bhd’s (KL:MAXIS) net profit grew by 28% for the three months ended Sept 30, 2024 (3QFY2024), helped by a larger subscriber base, coupled with a drop in staff costs after earlier lay-offs. Quarterly net profit came in at RM366 million, compared with RM207 million a year ago, while revenue was up 5.5% to RM2.58 billion. Maxis declared a third interim dividend of four sen per share, payable on Dec 23, bringing the total to 12 sen for the nine-month period ended Sept 30, 2024 (9MFY2024). The telco paid out 16 sen per share in FY2023. The company maintained its full-year guidance for a 'low' single-digit increase in service revenue, 'low' single-digit growth in earnings before interest, taxes, depreciation and amortisation (Ebitda), and for capital expenditure to remain under RM1 billion. — Maxis 3Q net profit rises 28% with more subscribers, lower staff costs

99 Speed Mart Retail Holdings Bhd’s (KL:99SMART) net profit dipped 3.5% to RM107.16 million in the third quarter ended Sept 30, 2024 (3QFY2024) from RM111.06 million a year ago, dragged by higher administrative and other operating spending. This included one-off special staff bonuses and initial public offering listing expenses totalling RM23.2 million. Excluding the one-off expenses, 99 Speed Mart said in a statement its normalised net profit increased 13.2% to RM126 million in 3QFY2024 from RM111.27 million in 3QFY2023. Revenue for the current quarter rose 8.8% to RM2.55 billion from RM2.34 billion in the previous year, primarily driven by the expansion of the store network which saw a net addition of 51 new outlets. No dividend was declared for the quarter. — 99 Speed Mart posts RM107.16m 3Q profit, down 3.5% on-year due to one-off expenses

Carlsberg Brewery Malaysia Bhd (KL:CARLSBG) said its net profit increased 19.8% in the third quarter from a year earlier, bolstered by better performance in Malaysia. Net profit for the three months ended Sept 30, 2024 (3QFY2024) rose to RM90.96 million from RM75.94 million in 3QFY2023. Revenue for the quarter grew 8.3% to RM555.93 million versus RM513.44 million in 3QFY2023, as topline from Malaysia grew 14.2% to RM413.6 million, underpinned by higher sales volume and selling prices. Revenue from Singapore, however, fell 6% to RM142.4 million, dragged by unfavourable premium and channel mix. The brewer declared a third interim dividend of 23 sen per share for a total distribution of RM70.32 million, higher than the 19 sen per share it paid in the comparable period last year. The latest payout raised its year-to-date dividend to 65 sen per share, versus 62 sen per share in the same period last year. — Carlsberg Malaysia's 3Q net profit up 19.8%, declares 23 sen dividend

Westports Holdings Bhd’s (KL:WPRTS) net profit for the third quarter ended Sept 30, 2024 (3QFY2024) rose 19.5% to RM233.1 million, up from RM195 million a year earlier, driven by a rise in container volumes. Revenue for the quarter improved 5.6% to RM572.57 million, compared with RM542.31 million in the same period last year. The port operator did not declare any dividend for the quarter as it is focusing on reinvesting in expansion projects. — Westports' 3Q net profit increases 19.5% to RM233.1 mil on rise in container volumes

PIE Industrial Bhd (KL:PIE) reported a 56.7% drop in net profit for the third quarter, primarily due to lower revenue from electronic manufacturing activities, coupled with foreign exchange losses, and higher administrative and distribution expenses. The group’s net profit for the third quarter ended Sept 30, 2024 (3QFY2024) was RM8.84 million, compared to RM20.39 million in the same period last year. Revenue for 3QFY2024 declined by 18.71% to RM244.5 million from RM300.8 million previously. The group did not declare any dividend for the quarter under review. — PIE Industrial 3Q profit down 56%, eyes higher margin customers

Duopharma Biotech Bhd (KL:DPHARMA) said its net profit increased 73.9% to RM15.59 million in the third quarter ended Sept 30, 2024 (3QFY2024) from RM8.97 million a year ago, on higher revenue. Revenue for the quarter rose 23.3% to RM208.73 million from RM169.24 million in 3QFY2023, driven by higher sales across key sectors, particularly the public health segment. No dividend was declared for the quarter. — Duopharma Biotech's 3Q net profit up 74% on higher sales

Home appliance distributor Milux Corp Bhd (KL:MILUX) received an unconditional mandatory takeover offer from ABS Capital Sdn Bhd to acquire all the remaining shares it does not own, at 43.2 sen per share. The takeover offer was triggered after ABS entered into eight share purchase agreements to acquire a 63.88% stake in Milux from executive vice chairman Datuk Wira Ling Kah Chok and seven other shareholders, at 43.2 sen per share, totalling RM64.9 million, according to a notice issued on behalf of ABS by Maybank Investment Bank. According to the notice, ABS is 55% owned by a company linked to Exsim Group’s Lim brothers — Aik Hoe and Aik Kiat. The remaining 45% stake is held by Mak Wai Hoong. Following the acquisition, Ling will cede control of Milux to ABS, who is obligated to extend the unconditional mandatory takeover offer to buy all remaining shares in Milux at 43.2 sen per share in cash. ABS, however, intends to maintain Milux’s listing status on Bursa Malaysia. — Company linked to Exsim's Lim brothers buys 63.88% stake in Milux, triggering mandatory takeover at 43.2 sen per share

Oil and gas services provider Steel Hawk Bhd (KL:HAWK) has secured a subcontract from Petra Energy Bhd (KL:PENERGY) to provide offshore living quarters maintenance and repair services for EPOMS offshore facilities in Sarawak. The three-year subcontract, awarded on a call-out basis, has no fixed contract value. The contract includes an option to extend for two additional years, on a one-year plus one-year basis, it said. The contract was awarded to Steel Hawk’s wholly owned subsidiary, Steel Hawk Engineering Sdn Bhd, by Petra Energy’s unit, Petra Resources Sdn Bhd. — Steel Hawk bags offshore living quarters maintenance job from Petra Energy

Construction and property development outfit Fajarbaru Builder Group Bhd (KL:FAJAR) has pulled out from participating in the affordable housing development in Putrajaya dubbed Residensi Cemara, which is estimated to have a gross development value of RM192 million. No reason was given. Fajarbaru said Perbadanan Putrajaya has accepted its wholly owned subsidiary Fajarbaru Land (M) Sdn Bhd's withdrawal as the developer for the proposed development. — Fajarbaru pulls out of RM192m affordable housing project in Putrajaya

JF Technology Bhd (KL:JFTECH) is acquiring stakes in Singapore-based companies for a combined value of about RM26 million, in a bid to expand its business and market reach globally. The integrated circuit maker is buying all stakes in Singapore-based Transcend Target Companies — consisting of Transcend Technologies (S) Pte Ltd and Transcend Tech Asia Pacific Pte Ltd (TTAP) — for S$6 million (RM19.91 million). TTAP also owns a 95.5% stake in Transcend Technologies Inc Philippines. In a separate filing, JF Tech said it is also buying an 80% stake in front-end wafer testing Q3 Probe Pte Ltd from Spire Manufacturing Inc, which is incorporated in the US but based in Singapore, for US$1.36 million (RM5.96 million). The proposed acquisitions will come with a profit guarantee. — JF Tech buys into Singapore-based semiconductor firms for RM26 mil

Sarawak Cable Bhd (KL:SCABLE) said trading in its shares will be suspended from Nov 18, ahead of the court hearing of an application to place the company under judicial management (JM). The suspension, which would include the transfer of shares, will be lifted if the court does not grant the JM order at the hearing on Nov 20. "Otherwise, the trading suspension and transfer suspension will remain until the expiry of the JM order as may be granted by the Kuala Lumpur High Court," it said. Sarawak Cable noted that all trades conducted prior to the trading suspension on Nov 18 will continue to be cleared and settled. — Trading in Sarawak Cable to be suspended from Nov 18

REDtone Digital Bhd (KL:REDTONE) has ceased to be a substantial shareholder of HeiTech Padu Bhd (KL:HTPADU) after disposing of a 1.01% stake in the open market. According to a bourse filing, the stake, comprising 1.12 million shares, was disposed of on Thursday. The sale price was not disclosed. Following this sale, REDtone is left with 5.49 million shares or a 4.93% stake in HeiTech Padu. Tycoon Tan Sri Vincent Tan's Berjaya Group Bhd has a deemed interest in HeiTech Padu via REDtone. — REDtone ceases to be substantial shareholder in HeiTech Padu

Renewable energy producer Cypark Resources Bhd (KL:CYPARK) announced its chief financial officer (CFO) Vinie Chong Pui Ling has resigned, just three months after her appointment on Aug 15. The company said Chong is stepping down to “pursue other interests”. Chong’s last day with the company will be Dec 31, 2024. — Cypark CFO resigns after just three months in role