WILL UNISEM FOLLOW MPI???
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Monday, 29 April 2013 20:32
Monday, 29 April 2013
KUALA LUMPUR (April 29): Based on corporate announcements today, some stocks that may stir interest tomorrow (April 30) include Southern Steel, MPI, Chin Teck, Tasek, PLB, MBf, Hock Lok Siew and BTM.
SOUTHERN STEEL BHD [] posted a net profit of RM18.26 million for its third quarter to end-Feb 2013, compared to a loss of RM22.78 million in corresponding quarter a year ago.
However, revenue was lower at RM724.99 million, compared with RM869.26 million.
The company has proposed a dividend of 5 sen.
Reviewing its results, Southern Steel said lower revenue was due to lower selling price and sales volume. But better margin from lower material cost enabled the group to turnaround from a loss.
On outlook, Southern Steel said its board believes that with the improvement in the local market place, the fourth quarter performance will continue to improve.
MALAYSIAN PACIFIC INDUSTRIES [] Bhd (MPI) reported a net profit of RM1.82 million on revenue of RM286.32 million for its quarter ended March 31, 2013 (3QFY13).
In the previous corresponding quarter, this member of the Hong Leong group drew a net loss of RM7.43 million on the back of RM275.76 million in revenue.
The company said demand from the United States and Europe recovered and pushed up its semi-conductor sales. Cost-control measures and a shift to a higher-margin product portfolio had also helped.
The company declared a second interim dividend of 5 sen per share, tax exempt.
MPI said its board anticipates that all of its segments will further improve towards this financial year’s close, “in line with the expected improvement in the semiconductor industry.”
CHIN TECK PLANTATION []S BHD [] announced that its net profit for second quarter ended Feb 28, 2013, tumbled 94% to RM535,000 from RM9.185 million a year ago.
Its revenue also fell to RM20.73 million, from RM28.22 million.
The company said the much weaker results were due mainly to fall in palm oil prices and losses incurred by a joint venture plantation in Indonesia
TASEK CORPORATION BHD [] said revenue for its first quarter was depressed by the lower pricing in its local cement sales amid intense competition from other cement players.
It reported that its net profit for first quarter ended March 31, 2013 (1QFY13) was down by 12.8% year-on-year to RM21.7 million. In the previous corresponding quarter, it earned RM24.89 million.
Its first quarter revenue also fell to RM136.09 million, compared to sales of RM150.63 million a year ago.
“Higher ready-mixed concrete production cost resulting from rising raw materials costs and lower interest income contributed to the group's lower profit during the reporting quarter,” said Tasek Corp.
On its outlook, the cement manufacturer said outlook for the CONSTRUCTION [] sector in the next quarter is expected to remain positive due to major rail projects.
“The group is expected to remain profitable for the next quarter,” Tasek Corp said.
PLB ENGINEERING BHD [] said its net profit for second quarter to end-Feb 2013 had jumped 182% to RM4.03 million, from RM1.43 million in the previous year corresponding quarter.
Its revenue had soared to RM63.78 million, from RM28.72 million previously.
The company said on-going property development projects, namely Batu Maung, Prestige V and Balik Pulau, Prestige III, had contributed to the strong results.
Sales of development land Lot 1840 also contributed to the higher profit, said the company.
MBf HOLDINGS BHD []’s (MBf) announced that its controlling shareholder Tan Sri Dr Ninian Mogan Lourdenadin had garnered 98.92% of the company’s shares to take it private. He now can compulsorily acquire the remaining shares he does not own.
As Lourdenadin is required to have 98.9% acceptance level, MBf said Lourdenadin will invoke his right to compulsorily acquire the remaining over 1% shares.
Lourdenadin and his joint offerors also garnered 99.2% of MBf’s warrants as at the offer’s closing date.
Lourdenadin's offer – which was revised twice – was last at RM1.775 per MBf share and 77.5 sen for each of the company’s warrant.
Hock Lok Siew Corporation Bhd announced that that the company had today received a winding-up petition from MALAYAN BANKING BHD [] in respect of the following:
1) That the company may be wound up by the court under provisions of the Companies Act, 1965;
2) That an official receiver be appointed as liquidator;
3) That MBB be allowed their costs to the winding-up and be paid by the liquidator out of the assets of the company.
BTM RESOURCES BHD [] said its unit, Besut Tsuda Wood Products Sdn Bhd, has entered into a sales agreement with Khas Promosi Sdn Bhd to sell a boiler to the latter for RM4.2 million.
The company said that the proposed disposal is not expected to have any effect on the earnings per share and net asset per share of BTM group for the financial year ending Dec 31, 2013.
As the plant and machinery is currently not in used, the disposal will enhance the cash flow position of the company, it said.