Tuesday, December 1, 2020

Corporate News

 •* Comfort Gloves Bhd’s* net profit for the third quarter ended Oct 31, 2020, stood at RM90.3 million — its highest ever — up 1,119% year-on-year (y-o-y) from RM7.4 million last year, amid higher sales volume and average selling prices. Revenue for the quarter jumped 106% to RM276.7 million from RM134.5 million. On a quarterly basis, net profit more than doubled from RM42.8 million or 7.34 sen per share while revenue was up 39.78% from RM197.95 million.

•* RHB Bank Bhd’s* net profit was up 1.04% y-o-y at RM622.25 million for the third quarter ended Sept 30, 2020 (3QFY20), from RM615.83 million last year, while revenue fell 9.83% y-o-y to RM3.01 billion from RM3.34 billion in 3QFY19. On a quarterly basis, RHB's net profit improved 55.27% from RM400.77 million, while revenue slipped 8.03% from RM3.27 billion in 2QFY20.

•* AMMB Holdings Bhd* saw its net profit for the second quarter ended Sept 30, 2020 (2QFY21) fall by 35% q-o-q to RM237.32 million from RM365.17 million in the previous quarter on lower revenue and higher credit costs. Quarterly revenue was down by 3.5% q-o-q at RM2.14 billion from RM2.21 billion in 1QFY21 due to decrease in interest on fixed income securities and on loans, financing and advances. On a yearly basis, its net profit declined by 25.74% y-o-y from RM319.57 million, while revenue was also down by 8.99% y-o-y from RM2.35 billion.

•* BIMB Holdings Bhd’s* net profit for 3QFY20 fell 11.25% q-o-q to RM135.81 million, from RM153.03 million for the preceding quarter, mainly due to higher allowances for impairment and overheads, despite a 16.36% increase in revenue to RM1.33 billion, from RM1.14 billion in 2QFY20. On a y-o-y basis, BIMB’s net profit decreased 34.83% from RM208.38 million for 3QFY19, while revenue slipped 3.26% from RM1.38 billion. The group declared an interim single tier dividend of 12.6 sen.

•* Malaysia Building Society Bhd (MBSB)* has returned to the black in the 3QFY20 with a net profit of RM258.4 million, versus a net loss of RM12.51 million in the preceding quarter, due to a reduction in funding cost. This was despite a 13.63% decrease in revenue to RM765.57 million from RM886.35 million in 2QFY20. On a y-o-y basis, the group’s net profit was up 51.76% y-o-y from the RM170.16 million reported for 3QFY19, while revenue rose 1.86% from RM751.63 million.

•* KPJ Healthcare Bhd’s* net profit grew by 2.7 times to RM33.97 in 3QFY20, from RM12.66 million in the previous quarter, on improved hospital business activities, following the loosening of the movement control (MCO) from June 10. Quarterly revenue rose 35.8% to RM850.7 million, from RM626.62 million in 2QFY20. On a y-o-y basis, however, net profit fell 26.8% from RM46.41 million, while revenue slipped 7.4% from RM919.1 million due to lower activities in hospital operations.

•* Malaysia Airports Holdings Bhd (MAHB)* posted a wider net loss of RM319.7 million for 3QFY20, versus RM91.07 million in 2QFY20, despite higher revenue, as it registered higher depreciation and additional provision for doubtful debts against a reversal previously. Revenue grew 45.7% to RM396.7 million, from RM272.2 million, following an improvement in passenger movements upon the resumption of domestic flights from June 1 and international flights from June 11 at the Istanbul Sabiha Gokcen International Airport (ISGIA) in Turkey.

•Property developer Mah Sing Group Bhd's net profit rose 77.8% to RM27 million in 3QFY20 from RM15.19 million in 2QFY20, following the resumption of operations on the easing of movement restrictions to curb the spread of Covid-19, while revenue rose 30% to RM388.22 million from RM298.62 million. On a y-o-y basis, the group's net profit is down 46% from RM50.02 million in 3QFY19, while revenue has fallen 6.5% from RM415.47 million, as both its property and plastics businesses saw earnings decline, while its hotel segment sustained losses following the pandemic outbreak.

•* Panasonic Manufacturing Malaysia Bhd* swung back into the black in 2QFY21 with a net profit of RM40.04 million, from a net loss of RM2.56 million in 1QFY21, following a recovery in both its domestic and export sales, while revenue almost doubled to RM293.96 million from RM154.08 million. On a y-o-y basis, the quarterly net profit was higher by 30% compared with the RM30.79 million for 2QFY20, while revenue inched up 1.9% from RM288.59 million. 

•* Boustead Holdings Bhd* managed to narrow its net loss to RM51.8 million for 3QFY20 from RM73.7 million in the preceding quarter, on the back of a higher revenue, which grew 26.1% to RM1.89 billion, from RM1.5 billion in 2QFY20. On a y-o-y basis, the quarterly net loss is smaller by 66.6%, compared with RM155.0 million in 3QFY19. However, revenue was lower by 30.9% from RM2.73 billion. 

•Loss-making bus operator Gets Global Bhd, whose share price shot up from 10 sen to RM3.97, received an unconditional mandatory takeover offer (MTO) at 55 sen per share from its two largest shareholders ADA Capital Investments Ltd and Teong Lian Aik. The joint offerors intend to maintain the listing status of the company on the main market of Bursa Malaysia. The MTO was launched after the company placed out 158 million new shares at 55 sen per share to ADA Capital. ADA Capital is owned by Teong’s brother-in-law Low Bok Tek.

•* Pharmaniaga Bhd* has set up a task force as it gears up to distribute the Covid-19 vaccine, which is expected to be available at the end of the first quarter next year, nationwide.

•Safety equipment manufacturer Fitters Diversified Bhd has won a construction contract worth RM78.3 million from Pencala Jaya Sdn Bhd for a residential property project in Rawang. The contract, which preliminary planning works are expected to begin in December, will contribute positively to the group’s earnings for the financial year ending Dec 31, 2021 (FY21), FY22 and FY23. 

•Medical equipment provider LKL International Bhd has bagged a contract worth US$40 million (RM163 million) to supply nitrile examination gloves to Shang Hong International (Hong Kong) Ltd and is set to complete by December 2021.