Corporate results: SCGM, GHL, TRC Synergy, GDB, Gamuda, Yinson

SCGM to make degradable packaging for Indonesian market
Thermoform food packaging manufacture, SCGM Bhd’s, wholly-owned subsidiary, Lee Soon Seng Plastic Industries Sdn Bhd, has signed a Memorandum of Agreement (MoA) with Indonesian-based PT Harapan Infiniti Mulia for exclusive rights to manufacture degradable packaging for the Indonesian market. In a exchange filing yesterday, SCGM noted its unit will manufacture the product for PT Harapan’s in-house ‘Ecorasa’ brand, with expected sales of some RM8.5 million (US$2.1 million) over a two-year period. PT Harapan exclusively handles Ecorasa degradable packaging and distributes to the food and beverage industry across Indonesia.  
 
GHL secures RM25.03m from MoF
GHL Systems Bhd’s wholly-owned subsidiary, GHL Transact Sdn Bhd, has been awarded a project via a tender process by the Finance Ministry (MoF) to propose, research, design, develop, supply, implement, test, and to operate the hardware, software and applications for the RON95 petrol subsidy for a total contract value of RM25.03 million. In an exchange filing yesterday, GHL noted it will make the necessary announcements as and when the relevant approvals are received from MoF to disclose more relevant details.
 
TRC Synergy awards RM135m contract to Grand Dynamic Builders
TRC Synergy Bhd’s wholly-owned subsidiary, Trans Resources Corporation Sdn Bhd, has awarded a RM135 million contract for main builder’s works to Grand Dynamic Builders Sdn Bhd. The contract consists of architectural, civil and structural, mechanical and electrical works for Phase 1 of the group’s proposed mixed development project in Ara Damansara, Petaling Jaya. The project includes the construction of two blocks of 18-storey residential serviced apartments on a eight-storey podium consisting a seven-storey car park and one-storey related facility. The contract shall commence on Apr 16,l 2019 for duration of 30 months and is scheduled to be completed by Oct 15, 2021.
 
GDB bags works contract for RM135m
GDB Holdings Bhd’s wholly subsidiary, Grand Dynamic Builders Sdn Bhd (GDBSB), has received a RM135 million contract from Trans Resources Corporation Sdn Bhd for the constructional, mechanical and electrical works at a mixed development site in Damansara. GDBSB has also been appointed as the main contractor.for the works, which will commence on 16 April, 2019 for a duration of 30 months and is scheduled to be completed by Oct 15, 2021, the company said in an exchange filling yesterday. GDB intends to fund the contract with internal generated funds. 
 
Gamuda 2Q earnings fall on Splash sale 
Gamuda Bhd’s net profit for the second quarter ended Jan 31, 2019 (2Q) fell 22.58% year-on-year (YoY) to RM173.14 million as the group stopped recognising its share of profits from Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) which has been disposed at the end of last year. Its earnings per share for the three months declined to 7.02 sen, from 9.10 sen a year ago. Revenue for the quarter rose 12.63% YoY to RM1.13 billion as all of its business segments recorded increase in revenues. Revenue for its construction segment rose 6% YoY to RM1.12 billion, property segment’s revenue rose 3% Yoy to RM617.86 million and the concession segment was up 1% to RM130.46 million, its exchange filing yesterday stated. Gamuda anticipates this year’s performance to be driven by overseas property sales especially in Vietnam and Singapore, and progress of Mass Rapid Transit Line 2 project that continues to pick up pace. The group also expects steady earnings contribution from its expressway division.
 
Yinson 4Q profit up 6.23% to RM60.7m
Yinson Holdings Bhd’s net profit for the fourth quarter ended Jan 31, 2019 (4Q) increased 6.23% year-on-year (YoY) to RM60.7 million in line with a 11.7% YoY rise in revenue to RM287.6 million due to the better performance of its offshore and marine segment. For the full financial year, net profit decreased 19.6% YoY to RM234.9 million on higher impairments, lower returns from joint ventures, higher finance costs and tax expenses, its exchange filing yesterday stated. Yearly revenue increased 13.19% YoY to RM1.03 billion. The board has declared a final single tier dividend of two sen, to be paid on Aug 28, 2019.

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Corporate results: I-Bhd, TH Plantations, Gamuda and Kerjaya Prospek