Bursa Highlights logo for Star Online (Business).
Bursa highlights on May 26
* Malaysian Resources Corp Bhd’s (MRCB) unit MRCB Builders Sdn Bhd has been appointed by Employees Provident Fund’s subsidiary Kwasa Land Sdn Bhd as a project delivery partner to build common infrastructure for the Petaling Jaya City Council area at the proposed Kwasa Damansara township in Sungai Buloh for 5% of the project’s development cost. The fee is currently estimated to be RM112.28mil. Read more
* AirAsia Bhd posted an almost six-fold increase in its earnings for the first quarter ended March 31, 2016 to RM877.8mil, mainly due to higher revenue and lower fuel price. Read more
* CIMB Group Holdings Bhd started the year on an encouraging note, recording a 40.3% jump year-on-year (y-o-y) in first-quarter earnings to RM813.8mil due to lower loan provisions and cost control efforts. Read more
* Alliance Financial Group Bhd reported a strong set of earnings in the fourth quarter ended March 31, 2016 at RM129.85mil, boosted by its loans to the small and medium enterprises, from the RM93.27mil a year ago. Read more
* IHH Healthcare Bhd posted earnings of RM235.48mil for the first quarter ended March 31, 2015, up 37.3% from a year earlier thanks largely the strong earnings growth of Parkway Pantai’s Singapore operations. Read more
* Printing and packaging solutions provider Versatile Creative Bhd, queried by Bursa Malaysia Securities on its share price rise, revealed that it has received a letter of offer to undertake the construction of a plant. On May 5 the company had also been queried on the sharp rise of its share price, to which it said a major shareholder had made a deal to sell 8 million shares to a third party at a negotiated price of 60 sen per share. Since Bursa Securities’ earlier unusual market activity (UMA) query, Versatile’s share price has continued to climb by a further 75%, closing at RM1.68 on Thursday. Bursa Securities advises investors to exercise caution and to make informed decisions in the trading of Versatile Creative shares following the company’s response to the latest UMA query. Read more
* YTL Corp Bhd -- whose largest operating segments are utilities, cement manufacturing, hotels and property investment & development -- announced a 1.4% year-on-year decline in earnings for the third quarter ended March 31 to RM229.88mil. Pre-tax profit fell 21.2% to RM489.35mil due to major declines in contributions from the utilities (-39.2%) and property investment & development (-28.6%) segments. Utilities contributes 60% of its revenue and 42% of the group’s profit.
* Numbers forecasting lottery operator Magnum Bhd’s net profit fell by 24.1% to RM68.84mil for the first quarter ended March 31, 2016, while gaming sales dropped 4.9% to RM752.56mil. The sales decline was due to the effects of goods and services tax, intense competition from illegal operators, weak consumer spending and lower sales from the jackpot games. The lower sales and higher prizes payout led to a RM29.4mil drop in gaming pre-tax profit to RM99.7mil.
* Eastern & Oriental Bhd (E&O) has announced some management changes. Datuk Seri Tham Ka Hon, 63, has been redesignated from managing director to executive deputy chairman effective July 1. Succeeding him as MD will be Kok Tuck Cheong, 60, formerly CEO and MD (wholesale banking products) at AmInvestment Bank Bhd. Deputy managing director Chan Kok Leong, 46, has tendered his resignation, to be effective Aug 11, due to “expiry of contract and family reason”. In a separate announcement, E&O reported a loss attributable to shareholders of RM14.78mil for its fourth financial quarter ended March 31, 2016, compared with RM100.5mil a year earlier. Full-year earnings fell 75.8% to RM36.8mil due to lower property segment profit and the preceding year’s gain of RM100.74mil on the sale of a 49% stake in a subsidiary.
* ICT security solutions provider Scan Associates Bhd, which has previously been embroiled in a boardroom tussle, will be de-listed on May 31 following the decision by the majority of its board of directors not to make an appeal to Bursa Malaysia Securities. Thursday was the appeal deadline. Read more
* KKB Engineering Bhd
and its associate company OceanMight Sdn Bhd (OMSB) have receuved three contracts worth RM87.7mil. KKB will supply steel high-tension poles to Sabah Electricity Sdn Bhd and steel pipes and “specials” to PPES Works-PCSB JV for the proposed Kipali interchange project in Petra Jaya, Kuching, while 43%-owned OMSB will undertake engineering, procurement and contruction works for Talisman Malaysia Ltd’s Bunga Pakma wellhead riser platform.
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