EVENING 5: Pharmaniaga 2Q earnings more than double y-o-y

The Edge TV

In today’s edition of Evening 5 — Pharmaniaga’s latest quarterly earnings more than double from the previous year, boosted by contributions from its Indonesian operations. Meanwhile, MSCI drops Top Glove from the MSCI Global Standard Indexes and Media Chinese International issues a profit warning.

Transcript

00:00 [MUSIC PLAYING]

00:04 Farman Yaga saw its second quarter FY2023 earnings

00:08 more than double as it booked higher sales in both

00:11 the non-concession segment and its operations in Indonesia

00:14 during the quarter.

00:15 Net profit jumped 171.6% to RM1.96 million,

00:21 while revenue increased by 11.5% to RM848.7 million.

00:26 On a quarter-on-quarter basis, however, its net profit

00:29 fell 25.9% from RM2.65 million in the first quarter of FY2023,

00:35 amid lower contributions from its concession business

00:38 with MOH.

00:39 Revenue slipped 3.6% quarter-on-quarter

00:42 from RM880.45 million.

00:45 As for the first half, Farman Yaga's net profit

00:48 plummeted by 83.8% to RM4.61 million,

00:52 no thanks to high operating expenditure coupled

00:55 with higher amortization and finance costs.

00:58 Revenue inched up by 0.34% to RM1.73 billion,

01:02 contributed by its non-concession business.

01:05 In its filing with the local bourse,

01:07 the PN17 company acknowledged the bumpy and challenging

01:11 quarters ahead.

01:12 It aims to submit its regularization plan

01:14 to Bursa Malaysia by the third quarter of this year

01:17 and expects to exit its status as a financially distressed

01:21 firm by the first quarter of next year.

01:23 [MUSIC PLAYING]

01:27 Glovemaker Top Glove Corp saw its shares slump today

01:31 after Morgan Stanley Capital International, or MSCI,

01:35 said it has decided to drop the stock as a constituent

01:39 for the MSCI Global Standard Indexes

01:41 following a quarterly review.

01:43 The counter fell to as low as 82.5 cent in intraday trade

01:47 before ending the day at 84 cent, down 2.9%,

01:51 for a market capitalization of RM6.89 billion.

01:55 MSCI announced the adjustment in a release yesterday

01:58 and said the change will take place as of the end of trading

02:01 on August 31.

02:03 The Global Stock Index provider did not

02:05 add any other Malaysian stock to the list,

02:08 leaving 32 remaining local stocks,

02:10 including Public Bank, Selkom Digi, and Telekom Malaysia.

02:14 MSCI conducts its index reviews every four months,

02:17 in February, May, August, and November each year.

02:21 It is a provider of critical decision support tools

02:24 and services for the global investment community,

02:27 and stocks featured in its indexes can typically expect

02:30 increased investor attention.

02:32 Stocks related to gaming and breweries were among the top

02:40 gainers on Bursa Malaysia ahead of the state polls.

02:43 At the close, casino and resort operator Genting Malaysia

02:46 was up 0.8% to RM2.63,

02:50 while its parent Genting gained 1.9% to RM4.41.

02:54 Investors also flocked to No. 4 cast operators,

02:58 with Magnum increasing 5.4% to RM1.17,

03:01 and Spots Total ending the day 4.8% higher at RM1.53.

03:06 Carlsberg Brewery Malaysia saw its shares climb 0.9% to RM20.58,

03:12 while Heineken Malaysia rose 0.8% to RM26.16.

03:17 The FBMK LCI was down by 1.77 points, or 0.1%, to RM1.457.16,

03:25 amid investor wariness of the potential impact of the poll's outcome.

03:29 Overall, market sentiments was mixed, with 502 gainers and 382 losers,

03:35 while 429 counters remained unchanged.

03:39 Turnovers to that 2.94 billion shares valued at RM1.86 billion.

03:45 Media Chinese International (MCIL) said,

03:53 "Losses attributable to owners of the company may widen to between US$2 million,

03:59 about RM9.17 million, and $3 million,

04:02 approximately RM13.76 million for the first quarter of FY2024,

04:08 from $300,000 a year earlier.

04:11 This is mainly due to the absence of one-off government grants and subsidies of $1.4 million

04:17 recognised in the first quarter of FY2023,

04:20 and lower turnover from the publishing and printing segment."

04:24 The group said in a filing with Boris Samuel ASE today that it is issuing the profit warning

04:29 to its shareholders and potential investors,

04:32 based on a preliminary assessment of its unaudited consolidated management accounts

04:37 and information currently available to the board.

04:40 It said its unaudited consolidated financial results for the three months ended June 30

04:45 will be published later this month.

04:47 MCIL shares closed unchanged at 15.5 cent for a market value of RM261.5 million.

04:55 The Shah Alam High Court has allowed an application by the EPF

05:04 to enter a summary judgment against four directors of Serbat Dinamik

05:08 for unpaid contributions of RM3.28 million from September 2021 to July 2022.

05:15 Judicial Commissioner Rosie Bainon said that the pension fund had met the threshold requirement

05:21 to enter a final judgment.

05:23 The EPF had applied for a summary judgment,

05:25 a ruling made without a full trial,

05:28 to be entered against the four directors,

05:30 claiming that they had no defence and there are no issues to be tried.

05:34 The judge found that the four directors are liable and responsible to pay the EPF contributions,

05:40 according to the EPF Act.

05:41 She did, however, disagree with the EPF's contention

05:45 that Serbat Dinamik and the directors had acted in bad faith.

05:49 This is because the company had been placed under the control of an interim liquidator,

05:54 which means the four technically have no power over the company,

05:57 including the payments of EPF contributions for its employees.

06:01 [Music]

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