KUALA LUMPUR (Nov 27): Here is a brief recap of some corporate announcements that made the news on Tuesday:

Penang Development Corporation (PDC) has rejected an RM818 million bid by a tripartite consortium led by IJM Corporation Bhd (KL:IJM) to develop the Batu Kawan Industrial Park 2 in Penang, Free Malaysia Today (FMT) reported. The offer was rejected and the state-owned development agency did not provide a reason, FMT said, citing an unidentified source. During the pre-qualification process, seven interested parties were shortlisted but only the IJM-led consortium submitted a bid, the news portal reported. “The RM818 million was the highest bid, surpassing the RM780 million reserve price for the land,” the source was quoted as saying by FMT. “It was also RM179 million higher than a previously cancelled direct deal.” When contacted by The Edge, IJM declined to comment on the matter. — Penang Development Corp rejects RM818 mil bid by IJM-led consortium to develop Batu Kawan industrial park — report

Malayan Banking Bhd (KL:MAYBANK), the country’s largest bank by assets, reported that its net profit rose 7.6% to RM2.54 billion for the three months ended Sept 30, 2024 (3QFY2024), from RM2.36 billion a year earlier, as non-interest income growth offset a decline in net interest income. Year-on-year, net interest income slipped 1.9%, while income from Islamic banking rose 12%. Non-interest income, such as fees and commissions, was up 7.5%. The group has maintained its target to achieve a headline key performance indicator of a return on equity of 11% for FY2024. The return on equity was 11.1% in 3QFY2024 for the bank with over RM1 trillion in assets. No dividend was declared for the quarter. — Maybank's 3Q net profit edges up 7.6% as non-interest income rise offsets decline in interest revenue

Sunway Bhd (KL:SUNWAY) posted a net profit of RM376.08 million for 3QFY2024, up from RM180.3 million a year ago, on stronger operating performance across its core businesses. Quarterly revenue rose 31.8% to RM2.03 billion from RM1.54 billion a year earlier, on better performance from all segments except quarry.  No dividend declared for the quarter. — Sunway's net profit doubles in 3Q, as order book replenishment target of RM4 bil-RM5 bil achieved 

IOI Corp Bhd’s (KL:IOICORP) net profit jumped 133.8% year-on-year to RM710.7 million in the first quarter ended Sept 30, 2024 (1QFY2025) from RM304 million in 1QFY2024, primarily driven by foreign exchange translation gains from its US dollar-denominated borrowings following the strengthening of the ringgit against the greenback, and fair value adjustments on its biological assets and derivative financial instruments. Revenue climbed 21.4% to RM2.67 billion from RM2.2 billion. — IOI Corp's 1Q profit soars 133.8% on forex gain, fair value adjustments

YTL Corp Bhd’s (KL:YTL)’s net profit fell by more than a third in the first quarter ended Sept 30, 2024 to RM333.7 million from RM521.73 million a year ago,  as contributions from its utilities business, represented by its 55.57% stake in YTL Power International Bhd (KL:YTLPOWR) declined. No dividend was declared during the quarter. The decline in YTL’s net profit was despite a 3.36% increase in its quarterly revenue to RM7.77 billion, from RM7.52 billion. YTL Power’s net profit for the quarter stood at RM470.6 million compared with RM847.91 million a year ago, despite the company registering higher revenue of RM5.68 billion, from RM5.45 billion. No dividend was declared for the quarter. — YTL Corp’s net profit falls 36% in 1Q as YTL Power’s earnings decline

Kuala Lumpur Kepong Bhd’s (KL:KLK)’s net profit for the fourth quarter ended Sept 30, 2024 (4QFY2024) fell 94.18% to RM6.77 million from RM116.31 million in 4QFY2023, dragged by non-cash losses and an inventory write-down related to its investment in UK-listed speciality chemicals company, Synthomer Plc. Revenue slipped 1.7% to RM5.68 billion from RM5.78 billion. The losses and impairment at Synthomer, coupled with lower manufacturing and property development profits, pulled Batu Kawan Bhd (KL:BKAWAN), which owns a 47% stake in KLK, into the red in the same quarter. It recorded a net loss of RM19.76 million — its first in over two decades since 2001 — in 4QFY2024, as opposed to a net profit of RM52.75 million in 4QFY2023. Revenue slipped 2% to RM5.88 billion from RM6 billion. — Batu Kawan falls into the red as KLK reports record low profit on one-off losses, impairments

Malaysia Airports Holdings Bhd’s (KL:AIRPORT) net profit more than doubled to RM210.37 million in 3QFY2024, from RM94.76 million a year ago, fuelled by higher passenger volumes. Quarterly revenue rose 20% year-on-year to RM1.53 billion from RM1.28 billion, thanks to higher passenger numbers resulting from new airline operations, additional flight frequencies and the implementation of a 30-day visa-free policy for China and India travellers to Malaysia. No dividend was declared for the quarter under review. — MAHB's 3Q net profit more than doubles on higher passenger volumes

Telekom Malaysia Bhd’s (KL:TM) net profit for the third quarter ended Sept 30, 2024 (3QFY2024,) fell 13.6% year-on-year to RM465.04 million from RM538.19 million, following last year's recognition of tax credit from prior years’ losses. It incurred a tax and zakat expense of RM204 million in 3QFY2024, as opposed to a tax credit of RM37.2 million a year earlier. Profit before tax was higher at RM668.23 million, marking a 32.3% year-on-year growth from RM505.02 million. Lower finance costs also helped TM's PBT, with RM70.3 million recorded in 3QFY2024, down 19.7% from RM87.5 million. Quarterly revenue slid 1.2% to RM2.92 billion from RM2.95 billion. — TM's 3Q net profit drops 14% on higher tax expenses

Greatech Technology Bhd’s (KL:GREATEC) net profit for 3QFY2024 halved on foreign exchange losses, as it recorded a net profit of RM22.95 million, down 50.8% from RM46.66 million last year. Revenue for 3QFY2024 dropped 16.03% to RM188.79 million from RM224.82 million following the completion of certain projects, reduced industrial activity in the e-mobility sector and unfavourable project execution timing for the solar sector, it said. — Greatech's 3Q profit halves as forex loss weighs

Leong Hup International Bhd’s (KL:LHI) net profit inched up to RM135.02 million in 3QFY2024 from RM132.96 million a year earlie, as tax expenses fell 67.82% to RM16.15 million from RM50.18 million Quarterly revenue, however, fell 11.45% to RM2.23 billion as compared to RM2.52 billion on lower average selling price and sales volume of day-old chicks in Indonesia and Malaysia. — Leong Hup 3Q profit flat despite lower revenue, declares 1.45 sen dividend

Pharmaniaga Bhd (KL:PHARMA) saw a turnaround in 3QFY2024 thanks to higher sales and the reversal of penalty charges from the government. Net profit was RM101.03 million compared to a net loss of RM49.34 million over the same quarter last year. The company did not elaborate on the penalty. Revenue for the quarter rose 16% year-on-year to RM1.03 billion from RM885.49 million. — Pharmaniaga turns around in 3Q, expects strong close to 2024

Tan Chong Motor Holdings Bhd (KL:TCHONG) suffered its largest loss in a decade in 3QFY2024 due to higher foreign exchange loss, softer consumer sentiment and a competitive business landscape that hurt its vehicle sales. This marks its eighth consecutive quarter in the red since 4QFY2022. The group, which distributes Nissan vehicles in Malaysia, saw its net loss widen to RM90.28 million from RM50.7 million in 3QFY2023. Quarterly revenue fell 28.8% to RM462.66 million from RM649.82 million. — Tan Chong posts biggest loss in a decade on lower vehicle sales, higher forex loss

Property developer Matrix Concepts Holdings Bhd’s (KL:MATRIX) net profit grew 5.29% to RM67.42 million in the second quarter ended Sept 30, 2024 (2QFY2025) from RM64.03 million a year ago,  as gain on disposals more than offset a drop in revenue. Quarterly revenue, meanwhile, dropped 10.66% to RM321.04 million from RM359.35 million a year ago. It declared a second interim dividend of 2.75 sen per share, to be paid on Jan 9 next year. This brings its year-to-date dividend payout to 5.25 sen per share. — Matrix Concepts 2Q net profit gains over 5% on disposal gain, pays 2.75 sen dividend

Separately, Matrix has proposed a bonus issue of 625.67 million shares on the basis of one new share for every two shares held. — Matrix Concepts proposes one-for-two bonus issue

Property developer Eastern & Oriental Bhd (KL:E&O)  has declared a special dividend of one sen, even as its net profit edged up from a year earlier. Net profit for 2QFY2025 was RM30.39 million, up 2.2%, from RM29.73 million last year, as higher revenue from the development projects more than offset an unrealised foreign exchange loss recorded in the period. Quarterly revenue rose 38% to RM171.03 million from RM123.86 million. — E&O declares special dividend of one sen, 2Q net profit up 2.2%