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Top Glove, Yinson, Scientex Packaging, Eco World International, VS Industry, LBS Bina, Matrix Concepts, KLK, Perak Corp, Binastra

19 Jun 2024, 23:50 PM SGT

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KUALA LUMPUR (June 19): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Top Glove Corp Bhd (KL:TOPGLOV) posted a net profit of RM50.67 million for the third quarter ended May 31, 2024 against a net loss of RM130.59 million a year earlier, thanks mostly to land sale and currency gain. Quarterly revenue rose 20% to RM636.88 million from RM530.62 million previously, as the growing glove demand enabled the group to share out some of the cost increases with customers through upward revisions in average selling prices. It did not declare any dividend for the quarter. For the nine months of FY2024, its net loss narrowed to RM58.24 million from RM463.49 million. However, revenue slipped 5.6% to RM1.68 billion from RM1.78 billion previously. — Top Glove returns to the black in 3Q on land sale, forex gain

Yinson Holdings Bhd's (KL:YINSON) net profit for the first quarter ended April 30, 2024 dipped by 2.3% year-on-year to RM203 million from RM208 million, due to lower revenue coupled with increased finance costs of RM171 million arising from higher drawdowns to support project execution. Revenue for the quarter dropped 26.6% to RM2.21 billion from RM3.02 billion in 1QFY2024, mainly attributed to lower earnings from the offshore production and marine segment. — Yinson's net profit dips in 1Q amid lower revenue, increased finance costs

Packaging solutions provider Scientex Packaging (Ayer Keroh) Bhd's (KL:SCIPACK) net profit slipped marginally by 1.2% to RM10.02 million in the third quarter ended April 30, 2024, from RM10.14 million a year earlier, primarily due to increased tax expenses. Revenue for the quarter under review rose 3% to RM182.85 million from RM177.49 million, as the group recorded higher sales in its export market. It declared a single tier interim dividend of 2.5 sen per share, payable on July 5. For the nine months of FY2024, its net profit declined by 28.1% to RM25.74 million from RM35.79 million, due to a decline in revenue and product mix. Revenue contracted by 9.8% to RM531.67 million from RM589.46 million, driven by reduced demand in both export and domestic markets. — Scientex Packaging's 3Q profit slips on higher tax expenses, declares 2.5 sen dividend

Eco World International Bhd (KL:EWINT) has widened its net loss to RM14.13 million for the second quarter ended April 30, 2024, compared to RM4.56 million a year earlier, due to a lower gross profit, an impairment loss of RM10.77 million on the amount owed by its joint venture company, EcoWorld London as well as lower foreign exchange gains. Quarterly revenue dropped 99.33% to RM151,000 from RM22.7 million as there were no units sold and handed over to customers of projects in Australia following the sell-out of all residential units, leaving just two commercial units unsold. Nonetheless, the group declared a first interim single tier dividend of six sen per share, which translates to RM144 million, to be paid on July 24. For the six months of FY2024, the group trimmed its net loss to RM13.95 million from RM35.38 million amid lower finance cost, higher forex gains and lower losses from Eco World London. Revenue for the six months of FY2024 fell by 29.39% to RM31.82 million, compared to RM45.07 million, as all residential units in West Village and Yarra One were sold during the period. — Eco World International reports 2Q loss; declares six sen dividend

VS Industry Bhd's (KL:VS) net profit more than doubled to RM54.42 million in the third quarter ended April 30, 2024 (3QFY2024) from RM26.77 million the year before, mainly due to higher orders as well as a favourable product sales mix in Malaysia. Revenue rose slightly to RM1.01 billion from RM996.78 million a year before. It declared a third interim dividend of 0.4 sen per share, to be paid on July 26, taking its nine-month dividend payment to one sen per share, down from 1.2 sen per share in the previous year. — VS Industry’s 3Q profit more than doubles on higher orders, favourable product mix

LBS Bina Group Bhd has exited its investment in Chinese motor circuit company Zhuhai International Circuit Ltd (ZICL) after more than a decade, as it sold its stake in Lamdeal Investments Ltd, which owns a 60% stake in ZICL, for 192.18 million yuan (RM124.74 million) cash. Its unit Dragon Hill Corp Ltd had inked an equity transfer and debt repayment agreement with Huafa Urban Operation (HK) Ltd for the proposed disposal. Huafa Urban Operation is principally involved in investment holding, asset management, and business management consulting. Besides the cash payment, Huafa will also pay off debts totalling 227.82 million yuan (RM147.88 million) owed by LIL and its subsidiaries to LBS Bina and its subsidiaries. The disposal would result in a pro-forma disposal gain of about RM80 million, improve its net asset by about 10%, and reduce its gearing from 0.42 times to 0.38 times. — After over a decade, LBS Bina exits investment in Zhuhai's motor racing circuit for RM124.74 mil cash

Seremban-based property developer Matrix Concepts Holdings Bhd (KL:MATRIX) has inked a second joint venture (JV) with NS Corp to develop new prime land in Malaysia Vision Valley 2.0 (MVV2.0) into a sustainable township in a deal worth RM435.6 million. Megah Sedaya Sdn Bhd (MSSB), an 85:15 joint venture between Matrix Concepts and NS Corp, is the master developer of the land measuring 1,000 acres (404.69 hectares). Concurrently, on the same day, NS Corp entered into a sales and purchase agreement (SPA) with Sime Darby Bhd (KL:SIME) to acquire the land. Including the latest JV agreement, Matrix Concepts has secured 2,382 acres of land in the MVV2.0 area, with a combined gross development value of RM12 billion. The development will feature a balanced mix of residential and commercial elements over a 12-year period. — Matrix Concepts seals second JV with NS Corp to develop MVV2.0 land in RM436m deal

Kuala Lumpur Kepong Bhd's (KL:KLK) rubber glove subsidiary is no longer in any contractual relationship with its agent for workers from Nepal, Agensi Pekerjaaan UKHWAH Sdn Bhd, with immediate effect. By extension, any affiliation with Nepal-based recruitment agency SOS Manpower Service (SOS) also ceases. This is the final update on the recent independent third-party assessment conducted on allegations of unethical recruitment practices against SOS and its sub-agents in Nepal, according to the group. Last month, KLK was investigating the allegations of unethical recruitment practices made against the sub-agents of SOS, its appointed agent to recruit Nepalese workers for its rubber glove subsidiary, KL-Kepong Rubber Products. The allegations, according to KLK, were made by Sajha Sabal Media, a news portal in Nepal. — KLK ends contract with Nepalese worker recruitment agency amid allegations of unethical practices

Perak Corp Bhd (KL:PRKCORP), which is 52.9%-owned by the Perak State Development Corp, has dismissed allegations that it is losing significant land parcels due to unpaid rent, saying they are "categorically false". The Practice Note 17 (PN17) company stated that when the land confiscation occurred, Perak Corp had already derecognised the assets and liabilities of its wholly owned subsidiary PCB Development Sdn Bhd and PCB Development’s 51%-owned subsidiary Animation Theme Park Sdn Bhd from the consolidated statement of financial position as of Dec 20, 2021. The derecognition, it explained, occurred because PCB Development underwent creditors' voluntary winding up, during which liquidators assumed control of its business undertakings. As such, the land confiscation has no impact on Perak Corp's financial standing, Perak Corp affirmed. Perak Corp was responding to The Edge Malaysia weekly's report titled More intriguing issues emerge at Perak Corp published for the week of June 17-23, which stated that the Perak state government had initiated actions in October 2022 to take over six parcels of land owned by PCB Development, due to unpaid quit rent amounting to RM337,177.48. Documents from the Pejabat Tanah and Galian Negeri Perak, cited by The Edge, also revealed that a Notice 8A for land confiscation was gazetted for these parcels in October 2022, according to the report. — Perak Corp refutes claims of land losses due to unpaid rent

Binastra Corp Bhd (KL:BNASTRA) has secured a RM313.7 million contract to construct a residential apartment complex in Kota Kinabalu, Sabah. Its wholly owned subsidiary Binastra Builders Sdn Bhd had accepted a letter of award from FYT Land (KK) Sdn Bhd for the construction job. The project will commence on June 19, and is expected to be completed by July 31, 2027. The contract is deemed a related party transaction, as Binastra managing director and major shareholder Datuk Tan Kak Seng has a substantial indirect interest in Pembinaan Serta Hebat. — Binastra secures RM314m construction job in Kota Kinabalu

Edited ByIsabelle Francis

Source: https://theedgemalaysia.com