KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
EcoWorld, IOI Corp, E&O, Sime Darby, Superlon, Ranhill, George Kent
Eco World Development Group Bhd
The Group's third quarter net profit was almost 5x higher at RM44.58 million, compared with the RM9.39 million it recorded a year earlier.
The group attributed the higher earnings for the quarter ended July 31 (3QFY16) to higher sales from launched projects during the quarter. Revenue rose almost 60% to RM727.34 million from RM454.28 million.
For the first nine months of the FY16, net profit was about four times higher at RM99.93 million, compared with RM24.26 million it netted in the same period of FY15. Revenue rose 76% to RM1.81 billion from RM1.03 billion.
IOI Corp Bhd
Operations of IOI Corp Bhd at Rotterdam port have been blocked by greenpeace activists, accusing the group of forest destruction and child labour according to a report by Reuters.
Ten activists are blocking IOI, one of the world's biggest producers and traders of palm oil, from accessing its refinery, and the Greenpeace ship Esperanza is preventing oil from being unloaded from incoming tankers, Greenpeace said.
In April, the Roundtable for Sustainable Palm Oil withdrew IOI's 'sustainability certification' after allegations the company had illegally chopped down rainforests in Indonesia and planted palm crops on peatland.
But the body announced in August that IOI had satisfied conditions for the suspension to be lifted, a move that has sparked sharp criticism from environmental groups.
Eastern & Oriental Bhd and Sime Darby Bhd
According to the filing with Bursa today, Eastern & Oriental Bhd (E&O) saw Sime Darby Bhd reducing their stake in the company by 5.5% to RM323.3 million from RM342.2 million.
On June 3, the conglomerate announced that it was disposing of the 10% stake in E&O — comprising 125.98 million shares at RM2.60 each and 48.8 million convertible warrants at 30 sen each — to Paramount Spring Sdn Bhd.
In a filing today, Sime Darby said it is lowering the disposal price of the shares to RM2.45 each, but the disposal price of the convertible warrants stays at 30 sen each.
Paramount Spring is a private investment vehicle of E&O group managing director Datuk Seri Terry Tham Ka Hon. It was reported then that the disposal would result in Tham upping his stake in E&O from 11% to 21%.
The new price better reflects the current outlook of the property sector according to Tan Sri Mohd Bakke Salleh, Sime Darby's president and group chief executive.
Superlon Holdings Bhd
Superlon Holdings Bhd's first quarter net profit jumped 57% to RM6.05 million from RM3.86 million a year earlier, due to favourable exchange rate movements, growth in margin from growth in sales volume, and lower material costs.
Revenue for the quarter ended July 31 climbed 16% to RM25.63 million from RM22.11 million.
The group, which had just paid a 2.5 sen interim dividend on Aug 4, did not propose any further payout.
Ranhill Holdings Bhd
Ranhill Holdings Bhd has proposed to sell to Singapore-listed SIIC Environment Holdings Ltd a 60% stake in Ranhill Water (Hong Kong) Ltd (RWHK) for 273.9 million renminbi (RM169.11 million).
According to its bourse filing, Ranhill said it has, together with its wholly-owned subsidiary Ranhill Water Technologies (Cayman) Ltd (RWT Cayman), which is the holding company of RWHK, signed a sale and purchase agreement with SIIC and Asia Wisdom Investments Ltd, which is an indirect wholly-owned subsidiary of SIIC for the proposed divestment.
As part of the terms, RWHK will undertake an internal restructuring prior to the completion of the divestment, by transferring its 51% interest in Ranhill International Trade (Hong Kong) Investment Ltd and its 100% interest in Ranhill Venture (Hong Kong) Ltd to RWT Cayman.
Following the internal restructuring, RWHK, together with its remaining subsidiaries and joint venture, will be the assets involved in the proposed divestment.
George Kent (M) Bhd
George Kent (M) Bhd’s net profit soared 142% to RM20.51 million or 5.5 sen per share for the second quarter ended July 31, 2016 (2QFY17), from RM8.47 million or 2.3 sen per share a year earlier.
Revenue jumped 44% to RM164.77 million, from RM114.66 million, the group said in a statement today.
It declared an interim single-tier dividend of 3 sen per share for the year.
George Kent said the jump in earnings was mainly contributed by higher contributions from its engineering and metering divisions.
The engineering division recorded a 120% increase in profit, driven by steady progress of ongoing construction projects, while the metering division saw a 24% improvement in profit, due to higher sales.
For the first half of the financial year (1HFY17), net profit almost doubled to RM35.52 million, from RM18.34 million; while revenue rose 66% to RM287.73 million, from RM173.69 million.
George Kent chairman Tan Sri Tan Kay Hock said the group is on track for another record yearly performance for FY17.
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