News by Isabelle Francis

Sunway Bhd’s net profit fell 7.2% to RM149.93 million in the second quarter ended June 30, 2023 (2QFY2023), from RM161.49 million a year earlier, as lower contribution from property investment and other operating income more than offset a rise in revenue.

UOA Development Bhd (UOADev)’s earnings rose 41% to RM63.87 million or 2.65 sen per share in the second quarter ended June 30, 2023, from RM45.3 million or 1.95 sen per share a year ago due to higher other income, including investment income.

Construction outfit Inta Bina Group Bhd’s unit has clinched a contract from Southville City Sdn Bhd for related works at Phase 1 and 2 of SouthvilleCity-M Sinar for RM206 million — an amount that is almost double its market capitalisation.

Mah Sing Group Bhd said the purchase price of two parcels of land in Puchong Perdana it is acquiring from Millennium Acres Sdn Bhd has been lowered by 8.83% or RM7.58 million.

Rapid Synergy Bhd’s wholly-owned subsidiary Persiaran Eksklusif Sdn Bhd (PESB) is disposing of two pieces of land to Dunnes Sdn Bhd for RM16 million cash, which will be utilised mostly for working capital and the redemption of a loan.

PN-17 status Perak Corporation Bhd is disposing of a piece of agricultural land in Perak to Kim Poh Sitt Tat Feedmill Sdn Bhd (KPSTF) for RM5.5 million cash as part of its regularisation plan.

GUH Holdings Bhd said the out-of-court settlement with a unit of JAKS Resources Bhd and a construction firm over its payment claim for work undertaken as a sub-contractor is expected to result in revenue increment of some RM4 million for the financial year ending Dec 31, 2023.

Prime Minister and Minister of Finance Datuk Seri Anwar Ibrahim has signed an agreement involving a government guarantee to Federal Land Development (Felda) to restructure the agency's loans through the issuance of sukuk and revolving credit, in an effort to restore the agency's finances. 

RHB Investment Bank upgraded Gamuda Bhd to “buy” from “neutral”, with a new RM4.95 target price (TP) from RM4.35, as the research house views the stock as a strategic hedge towards downside risks from the local construction sector, given its sizeable overseas footprint.

Malaysia Building Society Bhd (MBSB) saw its net profit increase by 27.3% to RM74.13 million or 1.03 sen per share in the first quarter ended March 31, 2023 (1QFY23), from RM58.21 million or 0.81 sen per share a year ago, mainly due to lower expected credit losses and lower operating expenditure.