VS Industry, Gamuda, PT Resources, Eduspec, KJTS, Theta Edge, Destini and Topmix

KUALA LUMPUR (March 27): Here is the brief recap of some business news and corporate announcement that made headlines on Wednesday:

A reduction in orders from key customers in Malaysia, China and Indonesia continued to weigh on the earnings of electronic manufacturing services (EMS) provider VS Industry Bhd as its net profit for the second financial quarter ended Jan 31, 2024 (2QFY2024) almost halved from the previous corresponding quarter. VS Industry’s net profit for 2QFY2024 fell 47.3% to RM16 million from RM30.36 million in the previous year, as revenue slipped 22% to RM895.02 million from RM1.15 billion. Despite the lower quarterly earnings, VS Industry declared a second interim dividend of 0.3 sen per share, payable on April 30, 2024.  Reduced orders from key customers continue to weigh on VS Industry’s 2Q earnings

Gamuda Bhd’s net profit rose 7.29% to RM208.8 million in the second quarter ended Jan 31, 2024 (2QFY2024) from RM194.62 million a year earlier, on the back of higher revenue from its overseas projects. Revenue more than doubled to RM3.33 billion year-on-year against RM1.44 billion in 2QFY2023. However, Gamuda’s net profit for the first half of the financial year 2024 (1HFY2024) declined 70.38% to RM403.84 million versus RM1.36 billion in 1HFY2023, while revenue surged twofold to RM6.14 billion in 1HFY2024 compared with RM2.75 billion in the same period last year, mainly driven by stronger overseas performances of the construction and property divisions.  Gamuda 2Q net profit rises 7% as overseas projects continue to drive earnings

Frozen seafood supplier PT Resources Holdings Bhd reported a net profit of RM14.56 million for its latest quarter, over seven times the RM1.97 million it made a year earlier, as revenue increased amid higher domestic and overseas demand. Revenue for the three months ended Jan 31, 2024 (3QFY2024) came in at RM165.04 million, up 42.96% from RM115.44 million in 3QFY2023. PT Resources declared a second interim dividend of 0.65 sen per share, to be paid on May 17.  PT Resources’ 3Q profit jumps on higher domestic and overseas sales

Eduspec Holdings Bhd has secured a RM30 million contract from electronic manufacturing services (EMS) provider EG Industries Bhd to provide testing services for EG Industries’ 5G optical modules and other related components. The job was awarded to the education technology products and services provider’s wholly-owned unit, Eduspec Technology Sdn Bhd, from EG Industries’ wholly-owned subsidiary SMT Technologies Sdn Bhd (SMTT). The independent testing services Eduspec is to provide under the contract include testing and validating SMTT’s 5G optical printed circuit board assembly and other related components and products. The contract spans one year commencing from April 1, 2024, according to the group.  Eduspec bags RM30m 5G hardware testing job from EG Industries unit

Building support services provider KJTS Group Bhd through its subsidiary ETC Cleaning Services Sdn Bhd has secured housekeeping service and floor polishing jobs at six different manufacturing plants located in Penang. It accepted the Letters of Awards (LOAs) from Jabil Sdn Bhd and Jabil Circuit Sdn Bhd, both owned by the US-based product solutions company, Jabil Circuit Inc. The value of the contracts is expected to be finalised upon the execution of the agreements. All the housekeeping services and floor polishing jobs will begin on April 1, 2024 and the scope of work will include a three-year housekeeping service until March 31, 2027.  KJTS bags housekeeping job for Jabil’s Penang manufacturing plants

Theta Edge Bhd said it has teamed up with India-based power transmission giant KEC International Ltd to bid for Tenaga Nasional Bhd’s (TNB) future grid projects. The group said it has inked a Memorandum of Understanding (MOU) with KEC International and its Malaysian unit KEC International (M) Sdn Bhd (KEC Malaysia) to submit a contractor prequalification assessment related to grid infrastructure work via a joint venture partnership. Under the MOU, the parties intend to submit their application for prequalification and appoint either KEC International or KEC Malaysia as the subcontractor to Theta Edge for providing supply and installation solutions for power transmission infrastructure.  Theta Edge partners India’s KEC International to bid for TNB grid projects

Integrated engineering solutions provider Destini Bhd has proposed to consolidate every 10 existing shares held by its shareholders into one share on an entitlement date to be determined later. The consolidation would result in an adjustment to the market prices of its shares and warrants B. For illustrative purposes, based on March 22’s (the last practicable date) 3.5 sen closing price, the theoretical adjusted reference price of its consolidated shares would be 35 sen upon the consolidation exercise’s completion, while warrants B’s adjusted reference price would be 15 sen versus 1.5 sen on March 22.  Destini plans 10-to-one share consolidation

Total surface decorative products company Topmix Bhd began taking orders from investors for its initial public offering (IPO) on the ACE Market that would raise up to RM25.6 million. The IPO, which is priced at 31 sen apiece, comprises a public issuance of 82.7 million new ordinary shares, which represents 21% of the enlarged share capital, as well as an offer for sale of 19.7 million existing shares, which represents 5% of the enlarged share capital, by way of private placement to selected investors. Out of the 82.7 million new shares, the company allocated 19.7 million shares to the public, 7.9 million shares to eligible persons and 55.1 million shares to Bumiputera and select investors through private placement..  Topmix begins taking orders for IPO to raise up to RM26 mil

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