Axiata has dismissed speculation that the group's planned merger with Norway's Telenor ASA has been called off, saying the deal is on track and the due diligence for it is now 70% done.
Minister of Finance (Inc) and Gamuda's 70%-owned unit, Kesas Holdings, have agreed to extend the cut-off date to negotiate and finalise the terms of the definitive agreement on the takeover of highway concessions to Oct 31 from Aug 30.
JF Apex noted that Kimlun, Genting Malaysia, GENTING BHD, Petra Energy, YTL Corp posted positive growths in their quarterly earnings.
On the other hand, PPB, CIMB, Leong Hup, YTL Power, Hengyuan, Mitrajaya, SKP Resources saw their quarterly profits decline.
Genting Malaysia’s quarterly net profit grew 5.25% against RM395.7mil in the previous corresponding quarter. Its quarterly revenue came in higher at RM2.66bil against RM2.42bil. It declares an interim dividend of six sen.
CIMB posted a 23.8% decline in net profit to RM1.51bil for the second quarter ended June 30,2019 against RM1.98bil in the same quarter a year ago. Its revenue was down 8.1% to RM4.47bil from RM4.86bil.
Leong Hup second quarter profits plunged 76% to RM16.09mil from RM65.66mil a year ago.
For the first half of this year, Leong Hup's revenue rose 7.7% to RM2.98bil from RM2.77bil a year ago.
Its profit after tax and minority interest declined 35.2% to RM76.69mil from RM118.34mil.
Leong Hup declared an interim single tier dividend of 1.6 sen per share amounting to RM58.4mil.
Meanwhile, US markets rose overnight after China hinted that it would not retaliate immediately against the US' latest tariff.
Similarly, European stocks advanced following China's comment that it is willing to negotiate and collaborate with the US.
“Following the improved sentiment on trade war, the FBM KLCI could extend its rebound towards the resistance of 1,630 points, ” JF Apex said.
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