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Corporate results: UEM Sunrise, IJM Corp, WCT Holding, Genting Plantations, Adventa, IGB and Leader

UEM Sunrise sells land in Tapah for RM30m 

UEM Sunrise Bhd wholly-owned unit, Symphony Hills Sdn Bhd, has sold 623.07 acres of non-strategic land in Tapah, Perak, to Lagenda Properties Bhd’s DBE Development Sdn Bhd for RM29.9 million or RM1.10 per sq ft. UEM Sunrise the land was non-strategic and it continues to own 1,782-acres of agricultural land. The divestment is expected to be completed in August 2021. Including the 1,782 acres, UEM Sunrise now holds 11,600 acres of land with an estimated Gross Development Value close to RM107 billion. UEM Sunrise MD and CEO Anwar Syahrin Abdul Ajib said the group’s strategy to geographically diversify and increase presence in the Klang Valley have always been its main focus. In a separate filing to the local bourse, Lageda Properties said the purchase of land is to develop into an affordable housing township. The land buy and future development cost will be funded with internally-generated funds and bank borrowings. 

IJM Corp 1Q earnings plunge on MCO restrictions

IJM Corp Bhd’s earnings in the first quarter ended June 30, 2020 (1QFY20) plunged to RM1.27 million from RM59.42 million in the same period last year as most of its business segments had to adhere to a temporary suspension of operating activities during the movement control order (MCO) period. Revenue fell 42.86% year-on-year (YoY) to RM879.8 million from RM1.54 billion in 1Q19 as IJM Plantations Bhd was the only profitable division in 1QFY20, with RM82.12 million in earnings compared to RM4.78 million net loss in the same quarter last year, due to higher commodity prices and sales volume. The planter’s revenue jumped 54.8% YoY to RM205.99 million in April to June 2020 due to higher prices for palm products.

WCT’s net profit drops 67.3% to RM7.42m in 2Q

WCT Holding Bhd’s net profit slumped 67.3% year-on-year (YoY) to RM7.42 million in its second quarter ended June 30, 2020 (2Q20) on lower contribution from the construction and property investment segments coupled with the distribution of payment of the perpetual Sukuk musharakah during the quarter. Revenue dropped 16.7% YoY to RM374.95 million. WCT, in its exchange filing yesterday, stated its engineering and construction segment remains the group’s main revenue contributor, representing 71% of its consolidated revenue. In the quarter, the group set aside a provision of RM3 million which acts as a financial assistance for its sub-contractors.

Genting Plantations’ 2Q earnings rise 9.2%

Genting Plantations Bhd’s earnings climbed 9.2% to RM22.64 million in the second-quarter ended June 30, 2020 (2Q20) from RM20.74 million last year, helped by higher selling prices of palm products and gains made on a sale of an investment property. Revenue was 3.5% stronger at RM544.32 million versus RM525.74 million the year prior due to stronger palm products prices. The group declared an interim dividend of six sen, to be paid on Sept 24.

Adventa benefits from Covid-19 sales

Adventa Bhd made a net profit of RM1.69 million in its second quarter ended June 20, 2020 (2Q20) against a net loss of RM384,000 last year, mainly from the higher sales of hospital supplies and personal protection equipment (PPE). Revenue jumped fivefold to RM46.37 million from RM9.25 million in 2Q19. In its exchange filing yesterday, the company attributed the stronger revenue to account sales growing substantially in the response to the Covid-19 pandemic. 

IGB records RM14.97m net loss in 2Q20 

IGB Bhd posted a net loss of RM14.97 million for the second-quarter ended June 30, 2020 (2Q20) against earnings of RM32.86 million in 2Q19 due to lower contributions from the property development, property investment-retail and hotel divisions. Revenue for the period fell to RM168.53 million from RM317.06 million the year prior. The group was significantly affected by pandemic containment measures, it said in an exchange filing yesterday. The group has proposed an interim dividend of two sen, to be paid on Sept 30.

Leader Steel reports net loss in 2Q on lower sales

Leader Steel Holdings Bhd recorded a net loss of RM395,000 in its second quarter ended June 30, 2020 (2Q20) versus a net profit of RM4.85 million made in 2Q19, mainly due to lower sales tonnage during the movement control control order (MCO). Its revenue for the quarter dropped 36.68% year-on-year to RM39.1 million. In its exchange filing yesterday, the steel maker and trader noted the overall decline was contributed by the decrease in revenue from the manufacturing of steel products segment.



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