KUALA LUMPUR (April 24): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

ViTrox Corp Bhd (KL:VITROX) said that its net profit jumped 40.2% in the first quarter from a year earlier, driven by stronger sales and a more favourable product mix. Net profit for the three months ended March 31, 2025 (1QFY2025) rose to RM24.16 million from RM17.23 million a year ago, the Penang-based automated test equipment maker said. Earnings per share rose to 1.28 sen in 1QFY2025, compared with 0.91 sen in the same quarter last year. Commenting on its outlook, ViTrox expects to see a “robust double-digit growth” in FY2025, underpinned by demand in generative artificial intelligence (AI), 5G, high-performance computing, medical devices, aerospace and electric vehicles. — ViTrox sees double-digit earnings growth for FY2025 after 1Q profit surges 40%

Unisem (M) Bhd (KL:UNISEM) began the financial year with a 29% decline in first-quarter earnings from a year earlier, as margin pressure from rising costs offset revenue gain. For the quarter ended March 31, 2025 (1QFY2025), net profit fell to RM6 million from RM8.46 million a year earlier. Revenue rose 16.1% year-on-year to RM423.62 million, on higher volume. Despite the drop in earnings, Unisem maintained dividend payment, with an interim payout of two sen per share to be paid on July 4. — Unisem’s 1Q net profit down 29% amid margin pressure, expects better quarter ahead

Atlan Holdings Bhd’s (KL:ATLAN) fourth quarter net profit doubled, lifted by a RM16.76 million gain related to the compulsory acquisition of a subsidiary's land in Kedah by the government. The company's net profit surged to RM11.66 million in the fourth quarter ended Feb 28, 2025 (4QFY2025) from RM5.07 million in 4QFY2024, though revenue dipped 17.77% to RM105.8 million compared to RM128.67 million. The sharp rise in net profit was mainly due to a RM16.76 million gain recognised from the RM69.6 million in compensation for the compulsory acquisition of two plots of land in Bukit Kayu Hitam, Kedah for a road project connecting the Bukit Kayu Hitam ICQS to Thailand’s CIQ Sadao facility. The land was owned by its 75.53%-owned Singapore-listed unit, Duty Free International Ltd. Atlan is challenging the compensation amount for the land. — Atlan’s 4Q net profit doubles on compensation from land acquisition

Industrial chemicals and materials company Luxchem Corp Bhd’s (KL:LUXCHEM) net profit for the first quarter ended March 31, 2025 (1QFY2025) fell 8.6% to RM10.57 million from RM11.56 million a year ago, dragged by higher operating cost, which increased 9.7% to RM13.77 million from RM12.56 million. This was despite its quarterly revenue rising 3.8% to RM190.07 million from RM183.15 million a year earlier. Luxchem's trading segment focuses on the import, export, and distribution of latex and other products, while its manufacturing segment produces and trades resin, industrial cleaning agents, and specialty chemicals for the rubber glove industry. — Luxchem's 1Q net profit down 8.6% on higher operating cost

Pantech Global Bhd announced a special dividend of one sen after its fourth quarter net profit jumped 373% from the previous quarter, driven by a gain on bargain purchase and two months of earnings from newly acquired companies. The profit surge was mainly from a RM52.39 million gain after Pantech Global bought two companies at a bargain from its parent Pantech Group Holdings, which owns 69.15% of the company. A gain on bargain purchase is profit made when a company buys another for less than its actual value. — Pantech Global declares special dividend after gain on bargain purchase

Chin Hin Group Bhd (KL:CHINHIN) completed its purchase of an additional 12.27% stake in Ajiya Bhd (KL:AJIYA) for RM54.2 million, raising its stake in the building materials maker to 66.36%. Chin Hin acquired the 37.38 million shares in a direct business transaction at RM1.45 apiece on Wednesday from major shareholder Yeo Ann Seck. The share purchase raised Chin Hin’s stake in Ajiya to 66.36%. Yeo no longer holds any shares in the company. — Chin Hin completes 12.27% stake buy in Ajiya for RM54.2 mil

Construction group Binastra Corporation Bhd (KL:BNASTRA) is buying a 40.8% stake in thermal energy firm LF Lansen Sdn Bhd for RM15 million cash — which comes with a call option for the group to up its interest to a controlling 51% — to expand into the energy-efficient engineering solutions sector. The company announced that it has entered into conditional agreements with LF Lansen and one of its existing shareholders, Pee Chen Huan (PCH), for the transaction. The acquisition will be fully funded through internally funds. Of the RM15 million, RM12.8 million will be used to subscribe for new LF Lansen shares — representing a 34.8% stake in its enlarged share capital, while RM2.2 million will be used to purchase 6% in LF Lansen from Pee. — Binastra buys 40.8% stake in thermal energy firm, with an eye on gaining controlling stake

Magma Group Bhd (KL:MAGMA), which is primarily in hotel management and property development, announced the emergence of several new substantial shareholders on Thursday, including former national badminton player Datuk Lee Chong Wei. This follows the allotment of shares by Magma to fund the RM80 million acquisition of land in the Persiaran Dutamas area of Kuala Lumpur from Skyload Express Sdn Bhd — a company linked to Magma’s executive chairman and major shareholder Datuk Seri Lee Hock Seng. The transaction was approved by shareholders at a recent extraordinary general meeting (EGM). Following the allotment, Skyload Express Sdn Bhd — 55%-owned by Empire Solaris Sdn Bhd and 45% by Chong Wei — holds 120 million shares or a 7.7% direct stake in Magma. Empire Solaris is 80%-owned by Magma’s major shareholder Datuk Lee Hock Seng; the balance 20% is held by Lee Kim Hai. — Lee Chong Wei among Magma's newly emerged substantial shareholders after land deal

IGB Real Estate Investment Trust (KL:IGBREIT) and IGB Commercial Real Estate Investment Trust (KL:IGBCR) will see their former group chief financial officer Chai Lai Sim return from retirement to take the helm at both REITs. Chai, 64, will be appointed chief executive officer of IGB REIT and IGB Commercial REIT effective May 2, 2025. Chai previously served as group CFO of both REITs and their parent company, IGB Bhd (KL:IGBB), until her retirement on April 30, 2024. — IGB REITs bring former CFO Chai Lai Sim out of retirement as new CEO

Steel Hawk Bhd (KL:HAWK) has secured a three-year contract from Petronas Carigali Sdn Bhd for splash zone structural repairs and maintenance for Peninsular Malaysia and Sarawak assets. The contract was awarded on April 7, 2025 to its wholly owned subsidiary Steel Hawk Engineering Sdn Bhd (SHESB), and announced on Thursday upon consent from Petronas Carigali, the oil-and-gas services provider said. “The contract is on a call-out basis — which does not have a fixed contract value,” Steel Hawk said. — Steel Hawk bags three-year splash zone maintenance job from Petronas Carigali

Perdana Petroleum Bhd (KL:PERDANA) said its wholly owned subsidiary Intra Oil Services Bhd (IOS) has been sued by Azsat Global Sdn Bhd, claiming RM6.7 million for loss of revenue after IOS terminated contracts for services of its vessels to Azsat. Azsat had previously provided satellite internet services to IOS for its vessels until such contracts were terminated. Perdana Petroleum said IOS had on Wednesday received a statement of claim from Azsat for general damages of approximately RM6.7 million for loss of revenue and interest at the rate of 5% per year from the date of the writ until the date of full settlement. — Perdana Petroleum's unit sued over lost revenues after contract termination