KUALA LUMPUR: Companies that recently made headlines include HSS Engineers, VSTECS, Dialog, Amway, UEM Sunrise, Berjaya Corp, Redtone, Berjaya Food, Kossan and MPI, said Apex Securities Research.
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HSS Engineers Bhd’s wholly-owned subsidiary HSS International Sdn Bhd has entered into a binding heads of agreement with the Engineering and Development Corporation of the Philippines for the incorporation of a joint venture vehicle in the country.
VSTECS Bhd’s net profit in the third quarter ended September 30, 2023 (3QFY2023) dropped 23.02% to RM12.73 million, from RM16.54 million last year, on higher distribution expenses, as it recorded lower sales revenue in the period.
Dialog Group Bhd has acquired the entire stake in Tarpon Platform Systems Malaysia Sdn Bhd (Tarpon Malaysia) and all assets of Tarpon Systems International II, LLC for a total cash consideration of US$1.19 million (approximately RM5.5 million).
Amway (Malaysia) Holdings Bhd posted record earnings in the third quarter ended Sept 30, 2023 (3QFY2023) despite lower revenue, with net profit more than doubling year-on-year, as the group paid significantly lower incentives to its “Amway Business Owners”, in line with lower sales recorded.
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UEM Sunrise Bhd’s net profit dropped 59.04% to RM8.34 million for the third quarter ended Sept 30, 2023 (3QFY2023) compared to RM20.35 million a year earlier, on lower operating profit margins.
Berjaya Corp Bhd has disposed of a 4.89% stake or 37.8 million shares in Redtone Digital Bhd via a direct business transaction, raising some RM27.59 million or 73 sen per share.
Berjaya Food Bhd’s net profit for the first quarter ended Sept 30, 2023 (1QFY2024) fell by 45.16% to RM19.03 million from RM34.7 million reported in the same quarter last year, as inflationary cost pressures squeezed its margins.
Kossan Rubber Industries Bhd reported a net profit of RM40.97 million for its third quarter ended Sept 30, 2023, up 76.14% from RM23.26 million in the corresponding quarter a year ago, thanks to better cost controls and lower raw material costs in its glove business, as well as the sale of higher margin infrastructure products at its technical rubber products division.
Malaysian Pacific Industries Bhd’s (MPI) net profit in the first quarter ended September 30, 2023 (1QFY2024) declined by 68.65% to RM16.52 million from RM52.70 million in the same period last year, partly due to lower revenue and appreciation of the US dollar against the ringgit.
-TheStar