financial year

 
 

Top Glove’s outlook anchored by capacity-led expansions

KUCHING: Top Glove Corporation Bhd’s (Top Glove) outlook is expected to continue being underpinned by stable and steady growth in demand of disposable medical glove, with earnings to be anchored by capacity-led expansions. The research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) viewed that the group’s outlook will continue to be underpinned by […]


Scomi’s Mumbai monorail contract axed

PETALING JAYA: Scomi Group Bhd’s contract for a monorail system in the Mumbai metropolitan region has been terminated by the Mumbai Metropolitan Region Development Authority (MMRDA).

In a filing with Bursa Malaysia, Scomi said the MMRDA issued a notice of termination of contract via a letter dated Dec 14, 2018 to the consortium of Larsen & Toubro Ltd and Scomi Engineering Bhd.

“The company is in discussions with its consortium partner with a view to fully enforce the consortium’s rights under the contract in respect of the notice of termination, including taking all necessary legal proceedings by acting on the advice of its solicitors,” it said.

The notice of termination takes effect 15 clear days from the date thereof. Scomi said the financial impact of the termination for the financial year ending March 31, 2019 is dependent on the outcome of the legal proceedings.

The RM1.85 billion contract for the design, development, construction, operation and maintenance of the monorail system in Mumbai was awarded by MMRDA to the consortium on Nov 7, 2008.

Scomi’s share price closed unchanged at 4.5 sen today with 550,200 shares traded.


Hiap Teck Venture expects to triple earnings in FY19

SHAH ALAM: Steel pipe maker Hiap Teck Venture Bhd is expected to triple its earnings in the current financial year ending July 31, 2019, supported by its 35%-owned joint venture company Eastern Steel Sdn Bhd (ESSB) which has resumed its operations last July.

“2019 will be a much better year compared to 2018. If I can turn ESSB from negative to even zero, the group’s earnings will be double or triple,” its executive director Foo Kok Siew told reporters after its AGM here today.

Foo said the group’s financial performance in the past years were mainly dragged down by ESSB, which operations have been halted in October 2015 to minimise losses.

“ESSB has a slab-making capacity of 700,000 metric tons per annum and it is currently operating at full production capacity,” Foo added.


MBM’s alloy wheel unit to improve in FY19

KUCHING: MBM Resources Bhd’s (MBM) alloy wheel unit OMIA has been projected to improve in financial year 2019, with growth expected to be driven by the stable demand for Perodua alloy wheels, among others. According to Affin Hwang Investment Bank Bhd (Affin Hwang Capital), MBM’s auto-parts manufacturing division reported a smaller loss before tax of […]


BToto declares 4 sen dividend in second quarter

PETALING JAYA: Berjaya Sports Toto Bhd’s (BToto) pre-tax profit for the second quarter ended Oct 31, 2018 fell 1.9% to RM94.29 million from RM96.08 million a year ago due to lower results from Sports Toto Malaysia Sdn Bhd.

In a filing with Bursa Malaysia, BToto said the lower results from Sports Toto was partly mitigated by improved results from H.R. Owen Plc and Philippine Gaming Management Corporation (PGMC).

Revenue for the quarter fell 2.3% to RM1.35 billion from RM1.38 billion a year ago mainly due to lower revenue reported by Sports Toto and H.R. Owen.

According to the group, Sports Toto’s 1.4% drop in revenue was mainly due to the previous year’s corresponding quarter which registered strong sales from its high jackpot in the Grand Toto 6/63 game, while its higher percentage decrease in pre-tax profit of 13.4% was mainly due to higher prize payout during the quarter under review.

PGMC’s revenue grew 7.2% during the quarter (when reporting in its functional currency) due to higher lease rental income earned consequent to improved sales of the Philippine Charity Sweepstakes Office.

Its pre-tax profit rose 49.8% due to lower operating expenses incurred. However, the unfavourable foreign exchange effect upon translation to ringgit resulted in PGMC’s revenue falling marginally by 0.4% while the increase in pre-tax profit was lower at 39%.

H.R. Owen’s revenue (in its functional currency) rose 1.1% due to higher revenue from new car sales. It recorded a pre-tax profit of GBP800,000 during the quarter compared with a loss of GBP700,000 a year ago due to higher sales from the new car sector.

However, upon translation to ringgit, the H.R. Owen reported a drop in revenue of 3.1% to RM523.6 million from RM540.3 million a year ago due to the unfavourable foreign exchange effect.

It recorded a pre-tax profit of RM4.5 million compared with a pre-tax loss of RM4 million a year ago.

For the six months ended Oct 31, 2018, pre-tax profit rose 6.4% to RM227.33 million from RM213.60 million a year ago while revenue fell marginally to RM2.85 billion from RM2.86 billion a year ago.

The board has declared a second interim dividend of 4 sen per share in respect of the financial year ending April 30, 2019 (FY19), payable on Feb 12, 2019. The entitlement date has been fixed on Jan 18, 2019.

The second interim dividend distribution for FY19 will amount to RM53.9 million. The total dividend distribution for the financial period ended Oct 31, 2018 is 8 sen per share amounting to about RM107.8 million, representing 73.2% of the attributable profit of the group for the period.

The group expects Sports Toto’s performance to be satisfactory and is confident that BToto will continue to maintain its market share in the number forecast operator business for the remaining quarters of FY19.


Analysts continue to remain optimistic on QL Resources’ topline growth

KUCHING: The research arm of Kenanga Investment Bank Bhd (Kenanga Research) remains optimistic on the delivery of QL Resources Bhd’s (QL Resources) topline growth despite challenges in certain sectors. According to Kenanga Research, this is partly thanks to the group’s well-diversified base and regional exposure. “While heavy investments are geared mainly for longer term gain […]


BToto’s Q2 profit hit by Sports Toto’s higher prize payout

PETALING JAYA: Berjaya Sports Toto Bhd’s (BToto) pre-tax profit for the second quarter ended Oct 31, 2018 fell 1.9% to RM94.29 million from RM96.08 million a year ago due to lower results from Sports Toto Malaysia Sdn Bhd.

In a filing with Bursa Malaysia, BToto said the lower results from Sports Toto was partly mitigated by improved results from H.R. Owen Plc and Philippine Gaming Management Corporation (PGMC).

Revenue for the quarter fell 2.3% to RM1.35 billion from RM1.38 billion a year ago mainly due to lower revenue reported by Sports Toto and H.R. Owen.

According to the group, Sports Toto’s 1.4% drop in revenue was mainly due to the previous year’s corresponding quarter which registered strong sales from its high jackpot in the Grand Toto 6/63 game, while its higher percentage decrease in pre-tax profit of 13.4% was mainly due to higher prize payout during the quarter under review.

PGMC’s revenue grew 7.2% during the quarter (when reporting in its functional currency) due to higher lease rental income earned consequent to improved sales of the Philippine Charity Sweepstakes Office.

Its pre-tax profit rose 49.8% due to lower operating expenses incurred. However, the unfavourable foreign exchange effect upon translation to ringgit resulted in PGMC’s revenue falling marginally by 0.4% while the increase in pre-tax profit was lower at 39%.

H.R. Owen’s revenue (in its functional currency) rose 1.1% due to higher revenue from new car sales. It recorded a pre-tax profit of GBP800,000 during the quarter compared with a loss of GBP700,000 a year ago due to higher sales from the new car sector.

However, upon translation to ringgit, the H.R. Owen reported a drop in revenue of 3.1% to RM523.6 million from RM540.3 million a year ago due to the unfavourable foreign exchange effect.

It recorded a pre-tax profit of RM4.5 million compared with a pre-tax loss of RM4 million a year ago.

For the six months ended Oct 31, 2018, pre-tax profit rose 6.4% to RM227.33 million from RM213.60 million a year ago while revenue fell marginally to RM2.85 billion from RM2.86 billion a year ago.

The board has declared a second interim dividend of 4 sen per share in respect of the financial year ending April 30, 2019 (FY19), payable on Feb 12, 2019. The entitlement date has been fixed on Jan 18, 2019.

The second interim dividend distribution for FY19 will amount to RM53.9 million. The total dividend distribution for the financial period ended Oct 31, 2018 is 8 sen per share amounting to about RM107.8 million, representing 73.2% of the attributable profit of the group for the period.

The group expects Sports Toto’s performance to be satisfactory and is confident that BToto will continue to maintain its market share in the number forecast operator business for the remaining quarters of FY19.


YFG’s contract terminated

PETALING JAYA: YFG Bhd’s RM40 million contract for the construction of a mixed development in Penang has been terminated by Atta Properties Sdn Bhd.

The group told the stock exchange that its wholly owned subsidiary YFG Engineering Sdn Bhd (YFGE) received the notice of termination from Atta Properties on Dec 13.

“The notice of termination was served to YFGE owing to some legal and financial issues which currently affect the progress and sub-contractor of the project on the part of Atta Properties,” it said.

The contract is for works related to the construction of a 23-storey building comprising apartments and office units in Bayan Lepas, Penang.

The termination is not expected to have any material effect on the earnings, net assets and gearing of the company and the group for the financial year ending Sept 30, 2019 as the project was at the initial stage of commencement.

The stock was untraded today.


Protasco down on SUKE contract termination

PETALING JAYA: Prostasco Bhd’s share price fell as much as 6.81% to 20.5 sen this morning after its construction contract for the proposed Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) project was terminated due to delays in the project.

At 11.18 am the stock was still trading at 20.5sen with 994,600 shares done.

The group told the stock exchange yesterday that its subsidiary HCM Engineering Sdn Bhd received a letter of termination from Turnpike Synergy Sdn Bhd (TSSB).

“The notice of termination was served by TSSB as a result of an overall delay and physical delay of the project undertaken by HCM-Hatimuda JV(joint venture),“ it said in a filing with the stock exchange.

HCM-Hatimuda JV was awarded with the project by TSSB in August 2016 for about RM315.8 million and was expected to complete it in 30 months period by Feb 28, 2019.

HCM and Hatimuda hold 40% and 60% of the JV.

Protasco, however, said as the project was solely financed, implemented and managed Hatimuda, hence the termination does not have any significant impact on the group’s net assets and earnings for the current financial year and year ending Dec 31, 2019.


Eco World eyes RM12 billion sales for FY19, FY20

KUALA LUMPUR: Eco World Development Group Bhd (EcoWorld Malaysia) and Eco World International Bhd (EcoWorld International) aim to achieve a combined sales of RM12 billion over two financial years ending October 31, 2019 (FY19) and FY20. EcoWorld Malaysia chairman Tan Sri Liew Kee Sin said the target was based on the bullish performance recorded by […]