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Bursa highlights on May 31
* DRB-Hicom Bhd said its performance for the financial year ended March 31, 2016 (FY16) would have been “commendable” if the poor results of unit Proton Holdings were excluded. As it stands, the group -- whose biggest revenue contributor is the automotive sector with distributed brands such as Isuzu, Honda, Tata and Volkswagen -- swung to a loss of RM991.9mil in FY16 from earnings of RM300.19mil in the preceding year. The loss, it said in a press statement, was largely due to the Proton group’s poor performance with lower sales amid stiff competition, foreign exchange rate volatility (affecting its raw material cost) and weak consumer sentiment. Read more
* MMC Corp Bhd’s first-quarter earnings were pulled down by lower contributions from the energy, engineering and construction businesses. Earnings fell 46.4% year-on-year to RM51.34mil in the quarter to March 31, 2016, as revenue dropped 52.8% to RM936.27mil. The biggest blow to revenue was the listing of Malakoff Corp Bhd, which left MMC Corp with a lower effective interest of 37.6% in the water and power producer compared with 51% previously. Read more
* Astro Malaysia Holdings Bhd’s net profit surged 20.12% to RM202.17mil for the first financial quarter to April 30, 2016, compared to the same quarter a year ago on the back of lower depreciation of property, plant and equipment and finance cost. Its revenue jumped 2.46% to RM1.36bil mainly due to an increase in advertising and home-shopping of RM14.1mil and RM27.4mil, offset by a decrease in subscription revenue of RM11.2mil. Read more
* Singapore state investment fund Temasek Holdings (Pte) Ltd has boosted its shareholding in aerospace parts maker SAM Engineering & Equipment Bhd from 56.46% to 70.14% with its indirect unit Singapore Aerospace Manufacturing Private Ltd converting the irredeemable convertible unsecured loan stocks (Iculs) into SAM Engineering shares. Read more
* Bumi Armada Bhd’s earnings fell sharply to RM23.43mil in the first quarter ended March 31, 2016 from the RM72.05mil a year ago due to non-cash impairment charge. The oil and gas services-related company announced on Tuesday the non-cash impairment charge was RM17.9mil. Excluding this charge, the group would have reported net profit of RM41.3mil in the quarter. Read motre
* Kerjaya Prospek Group Bhd has secured a RM172.43mil contract from Eco Sanctuary Sdn Bhd, a wholly-owned subsidiary of EcoWorld Development Bhd, to build three apartment tower blocks of 21 to 25 floors at a gated and guarded project in Kuala Langat. Read more
* Construction and property player MTD ACPI Engineering Bhd narrowed its losses in the financial year ended March 31, 2016 to RM3.69mil from RM32.09mil the preceding year. This was attributed mainly to a reduction in its manufacturing division’s operation costs (the division makes construction-related products such concrete pipes and roof tiles). The company expects the operating environment to be challenging with the balance of its order book of RM322.2mil that needs to be replenished. Nonetheless, the group forecasts “a modest recovery” ahead. Read more
* Malaysian Resources Corp Bhd’s (MRCB) earnings plunged to RM4.38mil in the first quarter ended March 31, 2016, from RM237.86mil a year earlier although revenue was up 7.8% to RM436.01mil. In the previous year’s corresponding quarter, the construction and property development group had benefitted from a gain of RM220.5mil from disposing Platinum Sentral (an office building in KL Sentral) to Quill Capita and other one-off gains totalling RM19.1mil. MRCB said that excluding these gains, its underlying pretax profit would have risen 46.1% to RM12.8mil. Meanwhile, after its AGM on Tuesday, MRCB executive director Imran Salim told reporters it targeted RM1bil in sales this year from its property business. Read more
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