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Saturday, November 19, 2016

Companies in Focus (Nov 18)





Some of these companies are likely to be in focus on Monday (Nov 21) trade given the recent announcement, rumours and news surrounding them.

  • IOI Corp Bhd return to black
  • Prestariang Bhd gets RM3.54 bil immigration system job from government
  • Ibraco Bhd's 3Q net profit fell 61.1% along with revenue's decline of 46.6%
  • Pintaras Jaya Bhd's 1Q net profit almost doubled on higher construction activities
  • Guan Chong Bhd's 3Q net profit fell 28.6%, on weaker Ringgit
  • BP Plastics Holding Bhd's 3Q net profit fell by 48.9%

  • IOI Corp Bhd return to black

IOI Corp Bhd recorded a first quarter net profit of RM104.8 million from a net loss of RM744.4 million a year earlier, on higher income from its upstream and downstream oil palm operations.

A filing with Bursa said that significantly lower foreign exchange (forex) loss on its foreign currency-based borrowings also supported profit in the first quarter ended Sept 30, 2016 (1QFY2017).

Its 1QFY2017 revenue nudged higher from RM3.09 billion to RM3.29 billion. Its latest income statement showed net forex loss on foreign currency-denominated borrowings stood at RM172 million against RM853.9 million a year earlier

"The (upstream) plantation profit increased by 57% to RM346.6 million for 1QFY17 compared with RM221.4 million reported for 1QFY16. The higher profit reported is due mainly to higher CPO (crude palm oil) and PK (palm kernel) prices realised despite lower FFB (fresh fruit bunch) production," IOI Corp said in a note filed with Bursa.

Despite low FFB yield, it expects its plantation segment to be supported by prevailing high CPO and PK prices.

  • Prestariang Bhd gets RM3.54 bil immigration system job from government

Prestariang said it received a letter dated Nov 15, 2016, from the Home Affairs Ministry to confirm that the Cabinet has given the green light for the company to implement 'Sistem Kawalan & Imigresen Nasional' (SKIN).

The government-led border transformation programmed is estimated to cost RM3.54 billion.

"SKIN will be implemented by way of a public private partnership through the build, operate, maintain and transfer method. The concession is for a period of 15 years and will consist of three years of build and deployment phase and 12 years of maintenance and technical operation phase," it said.

Payment to the company will begin once the system is fully commissioned after three years, with an average annual payment of RM294.7 million from year four to year 15 during the maintenance and technical operation phase.

"SKIN is a comprehensive and integrated technology platform to modernise the core applications and infrastructure of the national immigration system with the objective to enhance national border security," Prestariang said.

  • Ibraco Bhd's 3Q net profit fell 61.1% along with revenue's decline of 46.6%

Property developer Ibraco Bhd’s net profit in the third quarter ended Sept 30, 2016 (3QFY2016) slipped 61.1% to RM4.36 million, from RM11.2 million a year earlier, as revenue retreated due to a change in product mix.

Its latest earnings were also affected by the variance in sales and completion status of projects during the quarter compared with a year ago.

Revenue too declined 46.6% to RM60.76 million, from RM32.43 million a year earlier.

  • Pintaras Jaya Bhd's 1Q net profit almost doubled on higher construction activities

Piling and civil engineering services provider Pintaras Jaya Bhd saw its net profit for the first quarter ended Sept 30, 2016 (1QFY2017) rise by close to double to RM13.2 million or 8.1 sen per share from RM6.72 million or 4.1 sen a year ago.

The group attributed the higher profitability to increased construction activities and higher progress profits recognised from ongoing projects, which have advanced beyond the initial stages of implementation.

Revenue for 1QFY17 also grew by 67.03% to RM59.73 million from RM35.76 million a year earlier.

On the outlook, the group is expecting its construction division to perform well for the rest of FY17 based on its current order book and "satisfactory" tender book value.

Projects such as the Mass Rapid Transport (MRT) Line 2, Light Rail Transport (LRT) Line 3, Damansara-Shah Alam Highway (DASH), Sungai Besi-Ulu Klang Elevated Expressway (SUKE) and Pan Borneo Highway will involve substantial substructure works and certainly contribute significantly to the overall strength of the piling industry, it added.

It also said new mega projects in the pipeline such as Bandar Malaysia, Rubber Research Institute, MRT Line 3, High Speed Rail and the East Coast Rail Line projects are in queue to be implemented.

  • Guan Chong Bhd's 3Q net profit fell 28.6%, on weaker Ringgit

Guan Chong Bhd's net profit for the third quarter ended Sept 30, 2016 (3QFY16) contracted 28.6% to RM15.48 million from RM21.69 million a year earlier, dragged down by lower net gain on foreign exchange arising from the weakening of the ringgit against the US dollar and British pound.

Revenue slipped 15.7% to RM597.51 million from RM708.83 million following a decrease in sales volume of cocoa butter and cake.

The group announced a first interim single-tier dividend of 1.5 sen per share for FY16, payable on Jan 4, 2017, despite of a decline in its earnings.
  • BP Plastics Holding Bhd's 3Q net profit fell by 48.9%

Due to higher costs of sales as well as increased selling and marketing expenses, BP Plastics Holding Bhd saw its net profit in the third quarter for the financial year ended Sept 30, 2016 (3QFY16) decline by 48.9% to RM3.05 million from RM5.95 million a year earlier.

In 3QFY16, the group incurred RM70.81 million in sales costs, 20.2% higher than the RM58.9 million in 3QFY15. Meanwhile, its selling and marketing expenses for the current quarter amounted to RM2.51 million, which was 18% higher than the RM2.13 million it spent a year earlier.

Although revenue in the current quarter was higher at RM79.4 million, up 16% from RM68.4 million in 3QFY15, the increase in sales costs dragged down its current net profit.

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