•Rubberex Corp (M) Bhd's net profit for the third quarter ended Sept 30, 2020 (3QFY20) surged 13 times to RM39.52 million from RM3.11 million a year ago, driven by higher nitrile glove demand. Revenue grew 75% to RM109.03 million from RM62.23 million. Nine-month (9MFY20) net profit surged near 10 times to RM71.74 million from RM7.47 million a year prior, while revenue increased 57% to RM236.56 million from RM168.33 million.
•The Employees Provident Fund (EPF) has emerged as the substantial shareholder of Hartalega Holdings Bhd, after buying 174.32 million shares or 5.09% stake in the rubber glove maker company. The block was purchased by EPF on Nov 17 (Tuesday). However, the transacted price was not disclosed in the filing. Hartalega shares price closed at RM14.64 that day. Based on the closing price, the block of shares is valued at RM2.55 billion. The provident fund bought more shares recently to take advantage of the recent share price weakness caused by the positive newsflow on the Covid-19 vaccine development.
•Top Glove Corp Bhd has spent close to RM1 billion, buying back its own shares since September. The world’s largest glove maker forked out RM69.94 million today to buy 9.58 million shares on the open market — marking its ninth-straight day of buybacks — at between RM7.25 and RM7.35 apiece. Today’s purchase has now raised the amount it has spent on share buy backs this month to RM629.13 million, after spending RM355 million in September — or a total of RM984.13 million.
•InNature Bhd’s 3QFY20 net profit surged 110% to RM6.58 million from RM3.13 million in 2QFY20, as revenue grew almost 33% to RM41.74 million from RM31.43 million, as store sales recovered. It declared an interim dividend of one sen per share, which is payable on Jan 15, 2021. On a year-on-year basis, net profit dropped 38.62% from RM7.2 million, while revenue was down 10.3% from RM46.52 million. Its net profit for 9MFY20 declined 43.95% y-o-y to RM12.47 million from RM22.24 million, while revenue dropped 20% to RM110.55 million from RM138.2 million.
•CSC Steel Holdings Bhd's net profit for 3QFY20 rose 21% y-o-y to RM12.72 million from RM10.53 million, as it sold more higher-margin products. 3QFY20 revenue was down 13% at RM306.84 million from RM353.67 million a year prior, on lower sales volume and average selling prices. Net profit for 9MFY20 declined 44% y-o-y to RM15.57 million from RM27.74 million, as revenue sank 31% to RM712.51 million from RM1.03 billion.
•Tropicana Corp Bhd recorded a 14% y-o-y drop in its 3QFY20 net profit to RM14.51 million from RM16.8 million, on lower sales and a temporary pause in activities, amid Covid-19. Quarterly revenue shrunk 9% y-o-y to RM223.97 million from RM246.13 million. For 9MFY20, the group's net profit was down 57% y-o-y to RM43.95 million from RM101.88 million, while revenue fell 7% to RM702.37 million from RM755.35 million.
•Perdana Petroleum Bhd posted a wider net loss of RM30.52 million in 3QFY20, from RM2.88 million in 2QFY20, as it saw lower vessel utilisation rates. The results were also impacted by impairment losses on property, plant and equipment, worth RM17.9 million. Quarterly revenue was down 13% to RM52.45 million, from RM60 million. Year-on-year, the group sank to the red from a net profit of RM18.09 million in 3QFY19, when its revenue was 40% higher at RM87.41 million. For 9MFY20, the group's net losses more than doubled y-o-y to RM47.3 million from RM20.29 million, though revenue dipped only 2% to RM172.12 million from RM175.95 million.
•Maxis Bhd’s wholly-owned Maxis Broadband Sdn Bhd (MBSB) has been hit with an RM140 million tax bill. It was served with notices of additional assessment with penalties for tax years 2016 and 2017 from the Inland Revenue Board (IRB) on Nov 17. The notices were raised, following the disallowance of MBSB’s deductions of interest expenses during 2016 and 2017. It is challenging the move via legal channels.
•AirAsia X Bhd (AAX) has been ordered to pay a total of RM133.05 million in two lawsuits brought against it in the UK, involving aircraft leasing. One is a claim from BOC Aviation Ltd (BOCA) over a breach of contract from which the court has granted a summary judgment against AAX and ordered it to pay BOCA RM97.31 million, with costs. BOCA, who has been leasing four aircraft to AAX since 2014, claimed the airline had breached its lease agreements. In the second lawsuit, the court made a judgment in default and ordered AAX to pay RM35.74 million to International Lease Finance Corp, a trustee for two aircraft leased by AAX.
