Corporate results: UEM Sunrise, Ajinomoto, Boustead Plantations, Dayang Enterprise, Genting Plantations and MBM Resources

UEM Sunrise 1Q profit driven by Aussie projects 
UEM Sunrise Bhd posted a 19% year-on-year (YoY) increase in net profit to RM30.1 million in its first quarter ended March 31, 2019 (1Q19) on higher sales and lower costs. Revenue for the period rose 45% YoY to RM419.3 million on higher contribution from its property development projects in Australia and existing local projects, UEM Sunrise’s exchange filing yesterday noted. Year-to-date, the property developer has launched projects with a total gross development value (“GDV”) of RM160 million. Its unbilled sales as at March 31, 2019, stood at RM4.1 billion and the group has a sales target of RM1.2 billion for the year. Newly launched projects include Aspira ParkHomes in Gerbang Nusajaya which has a GDV of RM101.8 million.  

Ajinomoto 4Q net profit down 19%
Ajinomoto (Malaysia) Berhad’s net profit for the fourth quarter ended March 31, 2019 fell 19% year-on-year (YoY) to RM11.8 million due to higher advertising and sales promotion expenses. In a filing with Bursa Malaysia yesterday, the food and seasoning manufacturer noted revenue for the period increased 4% YoY to RM119 million mainly contributed by stronger sales volume in Consumer Business segment. The company has proposed a first and final single-tier dividend of 47 sen per share in respect of the financial year ended 31 March 2019, to be paid in due course. On a full-year basis, net profit increased 1% YoY to RM56.5 million while the revenue rose 3% YoY to RM448 million.

Boustead Plantations 1Q net profit hit by weak prices 
Boustead Plantations Bhd made a net loss of RM16 million in its first quarter ended March 31, 2019, due to lower palm product prices and higher interest expenses. Teh company posted a net profit of RM7.8 million profit in 1Q18. Revenue for the period fell by RM19.7 million year=on-year to RM134.9 million due to lower palm product prices, its exchange filing yesterday stated. The group Peninsula based business made a profit of RM9.9 million for the quarter while the Sabah and Sarawak businesses recorded a RM10.7 million loss for the quarter on weaker prices and increased depreciation charges. The group expects to record growth in its crop production from a large area of operations and gains from operational efficiencies, its filing stated. 

Dayang losses narrow in 1Q  
Dayang Enterprise Holdings Bhd reduced its net loss to RM8.5 million for the first  quarter (1Q19) ended March 31, 2019, underpinned by foreign exchange gain recorded in the first three months. Revenue rose by 5% year-on-year (YoY) to RM156 million on higher work orders done on its topside maintenance contracts, the company stated in an exchange filing yesterday. Dayang added it will continue to undertake work on the Maintenance, Construction and Modifications (MCM) contract and Topside Maintenance Services works under the Pan Hook-up and Commissioning Contract (Pan HUC) albeit on a smaller quantum. The company had secured PAN MCM work contracts worth RM1.5-2 billion which form part of Dayang’s order book worth close to RM3 billion.

Genting Plantations 1Q falls on lower product prices, property sales
Genting Plantations Bhd’s net profit dropped 58.7% year-on-year (YoY) to RM41.68 million or earnings per share of 5.16 sen for the first quarter (1Q) ended March 31, 2019, on lower sales profit from the property segment and forex loss during the quarter. In an exchange filling yesterday, the plantation concern’s revenue rose 17.5% YoY to RM621.7 million on higher offtake of biodisel and refined palm products from the downstream manufacturing segment and higher sales volume from the plantation segment despite the weaker product prices. Moving forward, Genting Plantations expects an upward trajectory in fresh fruit bunch production driven by higher output at its Indonesia operations. 

MBM profit up on higher motor trading, manufacturing revenue
MBM Resources Bhd’s net profit rose 51.3% year-on-year (YoY) to RM49.65 million for the first quarter ended March 31 this year on higher contributions from its motor trading and manufacturing businesses. Automotive group’s revenue grew 14.9% YoY to RM532.45 million led by its motor trading division which benefited from healthy demand for Perodua vehicles, especially the Myvi and Axia models. MBM booked a RM11.9 million gain on a property disposal by the motor segment. Its automotive parts manufacturing business turned in marginally higher revenue as car makers fulfilled earlier backorders and replenished depleted stocks. Losses from the division also came in lower on continued cost improvements from its alloy wheel plant, its exchange filing yesterday stated. Going forward, the auto group sated it remains optimistic despite the challenging market and economic environment.