Several companies in Malaysia have made headlines with their recent financial performance. Affin Bank, Hong Leong Industries, MSC, Crescendo, Greatech, CelcomDigi, Marco, Tasco, and Malaysian Genomics have all witnessed noteworthy developments, as reported by Apex Securities Research.
Affin Bank Bhd faced a significant decline in net profit for the third quarter of the financial year 2023. The absence of a one-off gain from the divestment of its asset management business resulted in a plunge of 88%, leaving the bank with RM100.45 million.
On the other hand, Hong Leong Industries Bhd recorded a rise in net profit for the first quarter of the financial year 2024. The company’s net profit reached RM87.67 million, showcasing a growth of 7.07%.
Malaysia Smelting Corp Bhd also experienced a positive turnaround in its financial performance. After recording a net loss of RM31.32 million in the previous year, the company reported a net profit of RM11.82 million for the third quarter of the financial year 2023.
Crescendo Corp Bhd, in its pursuit of strategic land disposals, has announced the sale of three vacant land pieces in Pulai, Johor Bahru. The total area spans 2.62 million sq ft, and the deal was valued at RM315.17 million in cash.
Greatech Technology Bhd witnessed a 13.9% increase in net profit for the third quarter, attributing it to higher revenue from the production line system of e-mobility, life science, and solar industries. The company’s net profit rose to RM46.66 million from RM40.97 million compared to the previous year.
CelcomDigi Bhd, a telecommunications company, observed a quarter-on-quarter growth in net profit for the quarter ended Sept 30, 2023. The company achieved a net profit of RM455.72 million, demonstrating an increase of 32.66%.
Marco Holdings Bhd, aiming for expansion, is acquiring the remaining stake in watches and clock retailer Time Galerie (M) Sdn Bhd for a cash amount of RM37.55 million.
Tasco Bhd, an integrated logistics company, witnessed a decline of 34.34% in net profit for the second quarter ended Sept 30, 2023. This dip was largely attributed to the normalization of freight rates.
Lastly, Malaysian Genomics Resource Centre Bhd faced losses of RM617,754 due to the buy-back and disposal of company shares, as well as trading of shares in listed companies SNS Network Technology Bhd and Reneuco Bhd between September 2022 and March 2023.
The diverse financial performances of these companies provide a glimpse into the varied landscape of Malaysia’s business sector. As the market continues to evolve, these enterprises will undoubtedly continue to adapt and navigate the dynamic economic landscape.
Frequently Asked Questions (FAQ)
1. What caused Affin Bank Bhd’s net profit to plunge in the third quarter of FY2023?
Affin Bank Bhd experienced a significant decline in net profit primarily due to the absence of a one-off gain from the divestment of its asset management business in the same quarter the previous year.
2. What was the reason behind Hong Leong Industries Bhd’s rise in net profit for 1QFY2024?
Hong Leong Industries Bhd recorded a growth in net profit for the first quarter of the financial year 2024 owing to positive performance and strategic management decisions.
3. How did Greatech Technology Bhd increase its net profit in the third quarter?
Greatech Technology Bhd attributed its 13.9% rise in net profit to higher revenue generated from the production line system of e-mobility, life science, and solar industries.
4. What led to the decline in Tasco Bhd’s net profit for 2QFY2024?
Tasco Bhd experienced a decline in net profit mainly due to the normalization of freight rates in the logistics industry.