Corporate earnings briefs: Aug 26

Green Packet posts loss due to higher cost in Q2

PETALING JAYA: Green Packet Bhd’s net loss increased to RM11.98 million its second quarter (Q2) ended June 30 compared to a net loss of RM9.31 million reported in the same quarter of the previous year, due to higher cost for its digital services business, engineering center of excellence in China as well as marketing cost to promote its new workplace safety solution .

Its revenue rose 16.6% to RM144.99 million from RM124.32 million reported previously on the back of higher sales across of the group’s three segment,

In the first half of the year (1H’20), Green Packet posted a net loss of RM46.06 million against a net loss of RM23.2 million, while its revenue stood at RM292.04 million against RM222.26 million recorded previously.

Crest Builder in the red over lower construction progress, lack of property sales

PETALING JAYA: Crest Builder Holdings Bhd reported a net loss of RM14.59 million in Q2 ended June 30 against a net profit of RM4.14 million reported in the corresponding period of the previous year, attributed to lower construction progress and lack of property sales.

Revenue for the period fell by 54.6% to RM56.22 million from RM123.11 million recorded previously.

The group stated it expects some uncertainties in performance caused by Covid-19 in the short term and is cautiously optimistic and confident of its prospect and financial performance moving forward.

In 1H’20, Crest Builders posed a net loss of RM15.01 million against a net profit of RM14.17 million reported previously, while its revenue tumbled to RM118.08 million from RM286.93 million

WCT sees net profits tumble 67% in Q2

PETALING JAYA: WCT Holdings Bhd’s Net profits tumbled by 67.3% to RM7.42 million in Q2 ended June 30, 2020 from RM22.7 million reported in Q2’19, due to lower contribution from its construction and property investment segments along with distribution payment for its Islamic notes issuance.

The group’s revenue fell by 16.7% to RM375.95 million from RM450.11 million reported previously.

For the cumulative six month period, it posted a net profit of RM7.4 million against RM63.02 million reported in the same period of the previous year, while revenue slipped to RM738.04 million from RM964.76 million reported previously.

Covid-19 impact sees IJM Corp Q1 profit shrink by 97.9%

PETALING JAYA: IJM Corp Bhd net profit shrank by 97.9% to RM1.27 million in its first quarter ended June 30, 2020 against RM59.42 million reported in the same quarter of the previous year, mainly due to the Covid-19 impact to all of its operating segments with the exception of its plantation business.

Revenue for the quarter stood at RM879.8 million, a 43% decline from RM1.54 billion reported previously

For the quarter, the group’s plantation operation saw a 54.8% increase in revenue due to higher commodity prices and sales volume of crude palm oil.

Genting Plantations Q2 net profit buoyed by higher average prices

PETALING JAYA: Genting Plantations Bhd net profit rose 9.1% to RM22.64 million for Q2 ended June 30, 2020 against RM20.74 million reported previously, underpinned by the higher palm products prices which eclipsed the lower sales registered by its the property and downstream manufacturing segments.

The group’s revenue increased by 3.5% to RM544.32 million from RM525.74 million.

For the quarter, Genting Plantations saw a 20% higher average selling price for crude palm oil and palm kernel of RM2,325 and RM1,295 per metric tonne, respectively.

In the first half of the year, its net profit rose to RM113.93 million from RM62.43 million, while revenue fell slightly to RM1.11 billion from RM1.15 billion.

Ranhill sees 29.4% lower net profits in Q2

PETALING JAYA: Ranhill Utilities Bhd saw a 29.4% drop in net profit to RM13.19 million for Q2 ended June 30, 2020 from RM18.67 million reported in the same quarter of the previous year, due to lower power tariffs from its power segment along with lower consumption during the movement control order (MCO) period and discount given by its water segment.

Revenue for the period stood at RM368.88 million, a 13% decline from RM423.99 million reported previously.

In the first half of the year, Ranhill’s net profit fell to RM31.38 million against RM40.04 million while revenue declined to RM737.16 million from RM 829.04 million.

T7 Global Q2 net profit bounces back to RM1m

PETALING JAYA: T7 Global Bhd posted a net profit of RM1 million for Q2 ended June 30, 2020 from RM91,000 in the same quarter in the previous year, due to the absence of outsized attribution of profits to non-controlling interest in the previous quarter.

The group’s revenue came it at RM36.39 million, a 24.9% decrease from RM48.46 million reported previously.

In the cumulative six month period, its net profit stood at RM1.34 million against RM310,000 reported in the same period of last year and revenue fell to RM85.16 million from RM104.73 million previously.

source https://www.thesundaily.my/business/corporate-earnings-briefs-aug-26-XF3676132