Monday, May 20, 2024

MyNews, Sapura Energy, Binastra, TCS, Reservoir Link and Prolintas Infra

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KUALA LUMPUR (March 25): Here is brief recap of some business news and corporate announcements that made headlines on Monday:

MyNews Holdings Bhd remains confident that “the worst is over” after posting its second consecutive profitable quarter for the financial quarter ended Jan 31, 2024 (1QFY2024) on the back of higher sales. The convenience store operator posted a net profit of RM1.27 million for 1QFY2024 compared to a net loss of RM3.21 million in the previous year’s corresponding quarter. Quarterly revenue increased year-on-year by 6% to RM195.52 million from RM184.09 million. Looking ahead, the company said it aims to expand its five retail brands — myNEWS, CU, WHSmith, SUPERVALUE minimart and MARU Coffee — “at a faster rate”. MyNews currently operates 619 outlets, including 468 myNEWS outlets, 132 CU outlets, and 19 WHSmith outlets.  MyNews expects ‘worst is over’ as it posts second straight profitable quarter

Sapura Energy Bhd said that it is “not out of the woods” yet despite net loss narrowing to RM728.44 million in the fourth quarter ended Jan 31, 2024 (4QFY2024) from RM3.26 billion a year earlier. Quarterly revenue dropped 13.01% to RM1.06 billion from RM1.22 billion in 4QFY2023, due to lower revenue recognised from the engineering and construction, and drilling business segments. For the full year FY2024, its net loss also narrowed to RM508.66 million from RM3.16 billion in FY2023, while its annual revenue fell 6.45% to RM4.36 billion from RM4.55 billion previously.  Sapura Energy says ‘not out of the woods’ despite annual net loss narrowing to RM509 mil in FY2024

Binastra Corp Bhd posted a record-high net profit of RM15.38 million for its fourth quarter ended Jan 31, 2024 (4QFY2024), a jump of 176.32% compared with RM5.57 million a year earlier, on the back of higher revenue driven by its construction segment. Revenue more than doubled to RM155.37 million from RM73.78 million in 4QFY2023. For the full year, the group’s net profit surged to a record of RM40.77 million from RM16.52 million in the previous year. Revenue rose 130.03% to RM425.2 million from RM184.85 million in FY2023.  Binastra posts record profit as construction segment continues to drive earnings

Building and infrastructure construction company TCS Group Holdings Bhd has secured a contract worth RM140.27 million to undertake building works for a proposed commercial complex known as Bandar Seri Coalfields Retail Park in Sungai Buloh, Selangor. TCS accepted the project through its wholly-owned subsidiary, TCS Construction Sdn Bhd, which received the letter of award from KLK Retail Centres Sdn Bhd — a wholly-owned subsidiary of Kuala Lumpur Kepong Bhd. TCS stated that the contract period will be 19 months, commencing from March 2024 with the expected completion by October 2025.  TCS bags RM140.27 mil buildings works projects in Selangor

Energy-related services provider Reservoir Link Bhd will form a joint venture company to undertake a 29.99 MWac ground mounted solar photovoltaic project in Kedah. The group via its wholly-owned unit Reservoir Link Renewable Sdn Bhd (RLR) had on March 20 inked a shareholders’ agreement with Japan-based Sumitomo Corporation, MAQO Engineering Sdn Bhd (MESB) and SRM Utama Selambau Sdn Bhd (SUS) to undertake the project. Sumitomo will hold 49% equity interest in the JV company, with RLR holding 29% and MESB the remaining 22% stake.  Reservoir Link to form JV company to undertake solar PV project in Kedah

Projek Lintasan Kota Holdings Sdn Bhd (PLKH), the major shareholder of newly-listed Prolintas Infra Business Trust, has yet to decide whether to inject two more highways under its belt into the listed business trust. Both the Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) and Damansara-Shah Alam Elevated Expressway (DASH) are still in early stages of their operations, PLKH chief executive officer Datuk Mohammad Azlan Abdullah said at a press conference following the listing of Prolintas. “It’s a bit too early for now. They have to meet certain criteria before either one or those two can be injected into the trust. It is [about] timing and also the performance of the two highways, and how it is going to move forward into the future,” he said. Prolintas’ major shareholder yet to decide on other assets for trust

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